Pakistani prime minister Shehbaz Sharif
Islamabad: Pakistan’s trade deficit narrowed by one-third to USD 17.133 billion in the first half (July-December) of current fiscal year, according to the data released by the Pakistan Bureau of Statistics (PBS).
The nation’s trade deficit shrank on the back of compression of imports, which are still large for a country that has a mere USD 5.8 billion in foreign currency reserves coupled with political inaction to rectify the situation, The Express Tribune reported.
According to local media reports, the deficit had clocked in at USD 4.816 billion in December 2021.
In the July-December 2022 period, the gap between imports and exports was recorded at USD 17.1 billion, down by USD 8.3 billion (33 per cent), compared to the same period of last year, the data showed.
As per the data, exports stood at USD 14.2 billion, down by USD 876 million, or 5.8 per cent, during the July-December period. The annual export target of nearly $38 billion has become irrelevant due to the poor performance.
Meanwhile, imports amounted to USD 31.4 billion during the July-December period, down by USD 9.2 billion, or 22.6 per cent, the report stated.
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