Pakistan's trade deficit has reached an 11-month low, dropping by 20.5% to $1.68 billion in August 2024, reported 24NewsHD TV channel Tuesday.
This marks a significant improvement compared to August 2023, when the trade deficit stood at $2.11 billion.
The reduction in the trade deficit is attributed to a notable increase in exports and a slight decrease in imports. In August 2024, exports rose by 15.9% to $2.74 billion, while imports saw a marginal decline of 1.3%, amounting to $4.41 billion.
The overall trend for the first two months of the current financial year shows a 14% increase in exports, reaching $5.05 billion. However, imports also saw a 5.7% increase, totalling $8.62 billion during the same period.
The combination of higher exports and reduced imports in August has been a key factor in narrowing the trade deficit, signalling a positive trend for Pakistan's economic balance.