Pakistan’s trade deficit rose to $2.44 billion in December 2024, marking a 35% year-on-year surge and the highest level since April, Pakistan Bureau of Statistics (PBS), who released the data on Wednesday.
The increase was primarily attributed to a sharp rise in imports, which hit a 27-month high.
Exports for December stood at $2.84 billion, reflecting a modest 0.67% YoY increase, while imports soared to $5.285 billion, registering a 14% YoY rise.
Month-on-month (MoM) comparisons showed a 47% spike in the trade deficit compared to November’s $1.667 billion, as imports grew by 17.4% while exports remained almost stagnant with a marginal 0.28% rise.
Exports showed little momentum, inching up from $2.833 billion in November 2024 to $2.841 billion in December. Analysts cite subdued global demand for Pakistan’s key export items, such as textiles, as a key factor limiting growth.
In contrast, imports skyrocketed, fuelled by rising demand for essential commodities and raw materials, with the December figure of $5.28 billion being the highest since September 2022.
