Daily Times

The import of medicinal products witnessed a decline of 70.20 percent during the first five months of the current fiscal year (2022-23) as compared to the corresponding period of last year. Pakistan imported medicinal products worth $632.828 million from July-November (2022-23) as compared to the imports of $2123.489 million from July- November (2021-22), according to the Pakistan Bureau of Statistics (PBS). In terms of quantity, however, medicinal imports witnessed a surge of 27.53 percent, as the country imported 16,999 metric tons of medicinal products during the months under review as compared to the imports of 13,330 metric tons last year.

Meanwhile, on a year-on-year basis, medicinal products imports during November 2022 decreased by 77.48 percent, from $688.876 million in November 2021 to $155.130 million. On a monthly basis, medicinal products imports during November 2022 however increased by 47.27 percent as compared to the imports of $105.337 million in October 2022. It is pertinent to mention here that during the first five months of the current fiscal year, the merchandise trade deficit witnessed a decline of 30.14 percent and was recorded at $14,406 million this year against the deficit of $ 20,621 million last year. According to PBS data, the exports from July-November 2022 were recorded at $11,932 million against the exports of $12,362 million in July-November (2021-22), showing a decline of 3.48 percent. On the other hand, the imports of the country decreased by 20.15 percent during the period under review by going down from $ 32,983 million last year to $ 26,338 million during the current year.