In the fiscal year that concluded on June 30, 2022, Pakistan’s trade deficit expanded by 55.29 percent as a result of higher imports, mainly of petroleum.
According to the Pakistan Bureau of Statistics, the trade imbalance climbed to $48.25 billion in the fiscal year under review from $31.07 billion the previous year (PBS). The country’s imports increased noticeably more than exports during the fiscal year under consideration, which led to a large increase in the trade imbalance.Exports increased by 25.51% to $31.76 billion in the fiscal year under review, compared to $25.30 billion in fiscal 2020-21, while imports increased by nearly 42% to $80.01 billion in the year under review, compared to $56.38 billion the previous year.
In June, the trade deficit increased by 33% to $4.8 billion, compared to $3.62 billion in June 2021, and by 16.50% compared to May 2022, when the trade deficit was $4.151 billion.
Exports totaled $2.88 billion in June of the current fiscal year, up 5.83% from $2.72 billion in June of the previous fiscal year, and up 10% from $2.62 billion in May of 2022.
Imports increased by 21.57% to $7.7 billion in June 2022, compared to $6.3 billion in the same month in 2021, and by 14% compared to $6.77 billion in May 2022.According to Tahir, the massive trade deficit has also had a detrimental influence on the current account deficit, which is expected to level off at roughly $16.5 billion for the most recent fiscal year. On the other hand, he noted that textile exports increased by 26% to $19.4 billion in the most recent fiscal year.
