It has been reported that Pakistan’s trade deficit has increased by over 23% in November

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It has been reported that Pakistan's trade deficit has increased by over 23% in November
It has been reported that Pakistan's trade deficit has increased by over 23% in November

According to the Pakistan Bureau of Statistics (PBS), Pakistan’s trade deficit increased by 23.59 percent in November 2022 from $2.327 billion in October 2022.

There was a decline of 0.63 percent in exports during November 2022 when compared to the exports of $2.384 billion in October 2022 when compared to the exports of $2.384 billion during November 2022. It can be seen from the data that the imports into the country increased by 11.34 percent in November 2022, when compared to the imports of $4.711 billion in October 2022, which showed an increase of 11.33 percent.

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There has been a decrease of 30.14 percent in the trade deficit during the first five months of the current fiscal year (July-November) when compared to the same period last year when the deficit reached $20.621 billion.

The trade data released by PBS shows that the exports during July-November of the current fiscal year (FY23) were $11.932 billion against the exports of $12.362 billion during July-November of FY22, showing a decline of 3.48 percent against the exports of $12.362 billion during July-November of FY22.

The imports decreased by 20.15 percent in the same period last year, going from $32.983 billion to $26.338 billion in the same period of this fiscal year, as compared to $32.983 billion last year.

Exports slump in November

In November 2022, as compared to November 2021, the exports were recorded at 2.369 billion, which represents a decline of 18.34 percent, compared to $2.901 billion in November 2021, which represents a decline of 18.34 percent on a year-over-year basis.

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In November 2022, the imports fell from $7.899 billion in November 2021 to $5.245 billion in November 2022, reflecting a negative growth rate of 33.60 percent.

The trade deficit narrowed by 42.46 percent on a YoY basis to $2.876 billion in November 2022 compared to $4.998 billion in November 2021.

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