Daily Times

Pakistan’s trade dynamics witnessed a notable shift in March as the trade deficit surged by 24.56% Month-on-Month (MoM), reaching $2.17 billion, compared to the preceding month, revealed data from the Pakistan Bureau of Statistics (PBS).

The trade deficit figures for March 2024 portray a stark contrast from February, where the deficit stood at $1.74 billion. This significant increase in the deficit marks a challenging period for Pakistan’s economic landscape, prompting concerns among policymakers and analysts. The year-on-year (YoY) comparison paints an even more concerning picture, with the trade deficit skyrocketing by 56.30% compared to March 2023, when it stood at $1.39 billion. Despite efforts to boost export figures, March saw a marginal decrease of 1.08% MoM in exports, totaling $2.56 billion compared to $2.28 billion in February 2024. However, on a YoY basis, exports managed to register a modest growth of 7.99% compared to March 2023.

Conversely, imports surged during the review month, indicating increased spending on foreign goods. Imports recorded a notable rise of 9.25% MoM, reaching $4.73 billion, compared to $4.33 billion in the previous month. The YoY comparison is even more striking, with imports expanding by 25.86% compared to March 2023, when it stood at $3.76 billion. The cumulative figures for the nine months of fiscal year 2023-24 (9MFY24) depict a mixed scenario. While the trade deficit has reduced by 24.94% YoY, standing at $17.03 billion compared to $22.69 billion in 9MFY23, challenges persist in achieving a sustainable balance. In 9MFY24, exports amounted to $22.91 billion, reflecting a YoY increase of 8.93%, while imports stood at $39.94 billion, indicating a decline of 8.65% YoY. Despite the efforts to curb imports, the trade deficit remains a significant concern, requiring comprehensive strategies to promote exports and manage import expenditures effectively.

Electric Fans

The exports of electric fans from the country witnessed an increase of 3.18 percent during the first eight months of the current financial year (2023-24) as compared to the corresponding period of the last fiscal year. The country exported electric fans worth US $15.851 million during July-February (2023-24) as against the exports of US $15.362 million during July-February (2022-23), showing growth of 3.18 percent, according to the Pakistan Bureau of Statistics (PBS). In terms of quantity, the fan export also surged by 14.89 per cent from 849 thousand to 976 thousand, the data revealed. Meanwhile, on a year-to-year basis, the exports of electric fans also increased by 28.13 per cent during the month of February 2024 as compared to the same month of last year. The exports of fans during February 2024 were recorded at $2.990 million against the exports of $2.334 million in February 2023.