SBP reports 13pc increase in imports

KARACHI, (NNI): The State Bank of Pakistan reported an increase in imports and recorded the trade deficit by 34 percent on Monthly basis.

As per the data released by the SBP, Pakistan export goods worth $2.57 billion in March, while imported goods worth of $4.87 billion in the same month.

The SBP in its report stated that 13 percent of imports were increased on a monthly basis, resulting in the trade deficit at 34 percent.

The report further added that the exports was totalled at $23 billion during the first nine month of the current financial year, while the imports reached at $40 billion during the same period.

The SBP indicated that the trade deficit decreased by 24 percent to $17.14 billion during the first nine months of the current financial year.

Last month, the trade deficit of Pakistan reportedly shrank 30 percent to $14.9 billion during the first eight months of the current fiscal year.

The monthly data released by the Bureau noted that the country’s exports increased by nine percent ($1.681 billion) to $ 20.351 billion during JulyFebruary 2023-24 compared to $ 18.670 billion in the corresponding period of the last fiscal year.

Imports declined by 11.87 percent to $ 35.223 billion during the first eight months of the current fiscal year as compared with $ 39.969 billion in the same period of the last fiscal year.

On a month-on-month basis, the trade deficit narrowed down by 13.49 percent to $ 1.712 billion in February 2024, as compared to $ 1.979 billion in January 2024. Exports recorded a 7.84 percent decline to $ 2.573 billion in February 2024 when compared with $ 2.792 billion in January 2024. Import increased by 10.19 percent to $ 4.285 billion in February 2024 when compared with $ 4.771 billion in January 2024.

The trade deficit narrowed by 1.95 percent on a year-on-year basis and stood at $ 1.712 billion in February 2024 compared to $ 1.746 billion during the same month of 2023.