The News reported citing the Pakistan Bureau of Statistics (PBS) that Pakistani exports and imports declined by double digits in July.

Based on PBS data, exports dropped 12.7% in the first month of the current fiscal, while month-on-month declines were 8.6%.

According to PBS data, imports decreased by 13.75% over the previous month and 26.4% over the same month a year ago.

According to the July 2023 trade bulletin, goods exports amounted to $2.057 billion, down from $2.356 billion in June 2023 and $2.25 billion in July 2022. Amounted to $3.66 billion in July 2023, up from $4.2 billion in June 2023 and $4.98 billion in July 2022, goods imports were down from $4.2 billion in June 2023.

The decrease in imports helped reduce the July 2023 trade deficit by 41.2% to $1.61 billion, down from $2.73 billion in July 2022.

A trade gap of $1.86 billion was recorded in June 2023.

As part of its efforts to manage the dollar shortage in the economy, the government banned several luxury items, contributing to the decline in imports.

During fiscal year 2022-23, the country’s trade deficit shrank by 43% to $27.55 billion, down from $48.35 billion a year earlier. During the same period, total exports fell by 12.7% to $27.7 billion, while imports declined by 31% to $55.3 billion.

As part ofThe News reported citing the Pakistan Bureau of Statistics (PBS) that Pakistani exports and imports declined by double digits in July.

Based on PBS data, exports dropped 12.7% in the first month of the current fiscal, while month-on-month declines were 8.6%.

According to PBS data, imports decreased by 13.75% over the previous month and 26.4% over the same month a year ago.

According to the July 2023 trade bulletin, goods exports amounted to $2.057 billion, down from $2.356 billion in June 2023 and $2.25 billion in July 2022. Amounted to $3.66 billion in July 2023, up from $4.2 billion in June 2023 and $4.98 billion in July 2022, goods imports were down from $4.2 billion in June 2023.

The decrease in imports helped reduce the July 2023 trade deficit by 41.2% to $1.61 billion, down from $2.73 billion in July 2022.

A trade gap of $1.86 billion was recorded in June 2023.

As part of its efforts to manage the dollar shortage in the economy, the government banned several luxury items, contributing to the decline in imports.

During fiscal year 2022-23, the country’s trade deficit shrank by 43% to $27.55 billion, down from $48.35 billion a year earlier. During the same period, total exports fell by 12.7% to $27.7 billion, while imports declined by 31% to $55.3 billion.

As part of the PBS report, the PBS also reported the services trade performance data for July-June 2022-23. International trade statistics indicate that local companies imported more services during this period than they exported.

A remarkable decrease of 87.7% occurred in the services trade deficit, reaching $719.4 million in FY23 compared to $5.84 billion in FY22.

The economy hired the services of foreign companies for $8.02 billion in FY23 and exported services for $7.3 billion. 

During FY22, the country exported $7.1 billion in services and imported $12.9 billion, which represents an increase of 2.78% in services exports and a decline of 38% in imports.

A deficit of $84 million resulted from services exports of $571 million in June 2023, while imports of $655 million. Exports were $607 million, imports were $903 million, and the deficit was $296 million in May 2022. 

As compared to the previous month, services exports decreased by 5.9%, and imports decreased by 27.5%. By comparison, exports in June 2023 decreased by 14%, and imports decreased by 50.7%.

Exports of services in June 2022 totaled $664 million, and imports reached $1.328 billion, resulting in a deficit of $664.9 million.

Compared to June 2022, the services trade deficit was $84 million, down 87.4% from the previous month the PBS report, the PBS also reported the services trade performance data for July-June 2022-23. International trade statistics indicate that local companies imported more services during this period than they exported.

A remarkable decrease of 87.7% occurred in the services trade deficit, reaching $719.4 million in FY23 compared to $5.84 billion in FY22.

The economy hired the services of foreign companies for $8.02 billion in FY23 and exported services for $7.3 billion. 

During FY22, the country exported $7.1 billion in services and imported $12.9 billion, which represents an increase of 2.78% in services exports and a decline of 38% in imports.

A deficit of $84 million resulted from services exports of $571 million in June 2023, while imports of $655 million. Exports were $607 million, imports were $903 million, and the deficit was $296 million in May 2022. 

As compared to the previous month, services exports decreased by 5.9%, and imports decreased by 27.5%. By comparison, exports in June 2023 decreased by 14%, and imports decreased by 50.7%.

Exports of services in June 2022 totaled $664 million, and imports reached $1.328 billion, resulting in a deficit of $664.9 million.

Compared to June 2022, the services trade deficit was $84 million, down 87.4% from the previous month