Pakistan's trade deficit shrinks by 47% in Sep 2023

Pakistan's trade deficit has seen a significant reduction of 47 per cent in September 2023 which indicated positive economic stability and developments for the country.
According to the 24News HD TV channel, the Bureau of Statistics issued the key points of the trade deficit of the country on Wednesday.
Here's a breakdown of the key points from the information provided by the Bureau of Statistics:
Trade Deficit Decrease:
The trade deficit in Pakistan has decreased by 47% in September 2023 compared to the same month in the previous year (September 2022). The trade deficit was $1.51 billion, a notable decrease from the $2.85 billion trade deficit in September 2022.
Export Increase:
Exports in September 2023 increased by 2% to $2.50 billion compared to September 2022. This is a positive sign as it indicates increased demand for Pakistani goods in international markets.
Import Decrease:
Imports in September 2023 decreased by 25% to $4 billion compared to the previous year. A significant decrease in imports can help narrow the trade deficit.
In the first three months of the current financial year, exports decreased by 3.6% to $6.91 billion.
Import Reduction in 3 Months: Imports in the first three months of the current financial year were $12.22 billion, showing a substantial decrease of 25.10%. A significant reduction in imports can contribute to a reduction in the trade deficit.
This data suggests that Pakistan has been successful in reducing its trade deficit due to a substantial decrease in imports, coupled with a slight increase in exports.
The trade figures of the Bureau of Statistics have indicated more favourable trade conditions and improved economic stability for Pakistan.