The country’s exports decreased in the first month of the current fiscal year by over a quarter compared to the same period last year and by 5.2 percent, according to data released on Tuesday by the Pakistan Bureau of Statistics (PBS).
Similar to exports, imports also fell by 12.8 percent and 38.3 percent over the same months last year, respectively.
According to the monthly trade report, July 2022 saw goods exports of $2.219 billion compared to $2.92 billion in June 2022 and $2.43 billion in July 2021.
Imports of products into the nation totaled $4.86 billion in July 2022. The economy’s imports were $7.88 billion in June 2022 and $5.575 billion in July 2021, respectively.
From $3.235 billion in July 2021 to $2.64 billion in July 2022, the trade deficit decreased by 18.3%. The shortfall was $4.96 billion in June 2022.
After the government outlawed a number of luxury goods to address the lack of money in the economy, imports were significantly reduced.
Due to the exorbitant cost of oil imports, the economy accrued a record-high trade deficit of $48.385 billion in the most recent fiscal year. In FY22, imports totaled $80.18 billion while exports came in at $31.07 billion. Exports totaled $25.3 billion in FY2020, while imports totaled $56.38 billion, resulting in a $31.07 billion deficit.
Similar to how the PBS did, the services trade performance figures for July through June 2021–2022 were also reported. International trade figures for the period of July-June 2021/22 show that local businesses imported more services than they exported. From $2.516 billion in FY21 to $5.175 billion in FY22, the trade imbalance in services grew by 105.7%.
The economy spent $12.14 billion on hiring the services of foreign firms, while making $6.97 billion on exporting its services. The country’s service exports (cash inflow) in the previous fiscal year (FY21) were $5.945 billion, while its service imports (cash outflow) were $8.46 billion. Exports of services increased by 17.2 percent, and imports rose by 43.5 percent.
Exports of services totaled $646 million in June 2022, while imports totaled $1.37 billion, resulting in a $727 million deficit. Exports were $498 million in the preceding month of May 2022 while imports were $995 million, resulting in a $497 million deficit.
When compared to the prior month, exports increased by 29.7% and imports by 37.9% during the reviewed month.
When comparing the performance of the services trade in June 2022 to the same month in the previous year, exports increased by 11.75 percent and imports increased by 57.6 percent.
Services had $578 million in exports and $871 million in imports in June 2021, resulting in a $293 million deficit. Comparing the deficit of the two months, it climbed by 148% in June 2022 compared to the same month in the previous year.