Pakistan’s domestic exports have demonstrated strong growth, increasing by 12.57% in the first five months of the current financial year, with the trade deficit narrowing significantly.
Official data reveals that from July to November 2024, exports totaled $13.69 billion, an increase of $1.52 billion compared to the same period last year, which recorded exports of $12.17 billion. Imports also saw a modest rise of 3.90%, reaching $22.34 billion. As a result, the trade deficit for this period shrank by 7.39%, from $9.34 billion to $8.65 billion.
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In November 2024, exports increased by 8.98% year-on-year, rising from $2.57 billion in November 2023 to $2.80 billion. However, compared to October 2024, exports saw a decline of 5.97%, from $2.98 billion to $2.80 billion.
Imports in November 2024 amounted to $4.39 billion, marking a 3.83% decrease from October’s $4.57 billion. Consequently, the trade deficit in November saw a slight increase of 0.19%, rising from $1.57 billion in October to $1.58 billion. Despite this, the year-on-year trade deficit in November showed an 18.60% reduction, dropping from $1.95 billion in November 2023 to $1.58 billion.