Pakistan’s trade deficit for August 2024 has decreased by 16%, amounting to USD 1.8 billion compared to the same period of last year.
This reduction in the trade deficit is attributed to the increase in exports and a relatively modest rise in imports. During the month under review, August 2024, exports surged to USD 2.8 billion, reflecting a 17% increase year on year and a 20% rise month on month, said Tahir Abbas Head of Research AHL.
This growth in exports for the period under review indicates a robust performance by Pakistan’s export sector, driven by higher demand for key commodities and improved market access. The increase in exports is a promising sign of economic resilience and competitiveness on the global stage.
On the other hand, imports for the month stood at USD 4.5 billion, marking a 1% increase year on year and an 8% rise month on month. While the growth in imports was relatively modest compared to exports, it underscores the ongoing demand for essential goods and services within the country, according to Tahir Abbas. The controlled increase in imports suggests effective measures to manage the inflow of goods while supporting domestic industries.
