Due to economic and political upheaval, Pakistan’s exports dropped by 15.4% to $2.2 billion in January 2023 from $2.61 billion in the same month the previous year.
The overall number of exports decreased by 3 points or 25% in October, 17 points or 6% in November, 16 points or 3% in December, and now by 15 points or 4% in January as compared to the same month last year.
Due to limitations on the import of non-essentials and other items, the country’s trade imbalance did, however, reduce by 32% to $19.63 billion in the first seven months of the current fiscal year. Nevertheless, it had an impact on the economy, which was in trouble.
According to figures from the Pakistan Bureau of Statistics, the import-export gap for the same period last year was $28.86 billion (PBS).
Exports fell from $17 point 74 billion in the same month last year to $16 point 47 billion from July to January, a 7 points 2 percent decline. Similarly, between July 2021 and January 2022, imports fell by 22.5%, from $46.6 billion to $36.1 billion.
According to figures from the Pakistan Bureau of Statistics, the import-export gap for the same period last year was $28.86 billion (PBS).
Exports fell from $17 point 74 billion in the same month last year to $16 point 47 billion from July to January, a 7 points 2 percent decline. Similarly, between July 2021 and January 2022, imports fell by 22.5%, from $46.6 billion to $36.1 billion.
“Decrease in Average Monthly Exports and Increase in Trade Deficit in FY22”
The average monthly exports for the past seven months were $2.35 billion, down from the average of $2.53 billion last year, according to a brief perusal of the trade data. The average monthly imports in 2017 were $5.157 billion as opposed to $6.66 billion in FY22.
The trade imbalance in FY22 was a record-high $48.38 billion, with imports totaling $80.18 billion (an average of $6.68 billion/month) and exports coming in at $31.8 billion (an average of $2.65 million/month).
In FY2021, exports were $25.3 billion and imports were $56.4 billion. Exports increased by 25.6% while imports increased by 42.2%. The trade deficit rose by 31% in FY22 as compared to FY21.