Islamabad (Commerce Desk) — Pakistan’s trade deficit has reached its highest level in history.
According to the Pakistan Bureau of Statistics, the trade deficit stood at $34.75 billion during the first 11 months of the current fiscal year.
During the same period, exports remained above $27.9 billion, while imports exceeded $62.66 billion.
The data shows that exports declined by 5.61% over the 11-month period, while imports increased by 5.94%. In the same period last fiscal year, imports stood at over $59.14 billion.
The report further states that in May, exports increased by 9.59% compared to April, while imports declined by 21.55% during the same period.
On a year-on-year basis, exports saw a slight increase in May compared to the previous year, while imports decreased.
Overall, the rise in imports combined with the decline in exports has significantly widened the trade deficit.