Islamabad, Oct 2: Trade Deficit Spikes by Over 20% in September 2024
Data from the Pakistan Bureau of Statistics (PBS) shows that the trade deficit increased by 20.4 percent compared to the $1.47 billion deficit recorded in September 2023.
Exports in September rose by 13.5 per cent, reaching $2.81 billion, up from $2.47 billion in September 2023. Compared to August 2024, exports also saw a slight increase of 1.6 per cent, reaching $2.76 billion.
Meanwhile, imports during September increased by 16.1 per cent, reaching $4.59 billion compared to $3.95 billion in the same month last year. Compared to August 2024, imports rose by 1.7 per cent from $4.51 billion.
On the export side, Pakistan has faced difficulties in boosting its international sales, mainly due to a lack of competitiveness and market access.
The manufacturing sector has struggled to ramp up production to meet global demands, leading to stagnation in exports. This stagnation, combined with rising import costs, has significantly widened the trade deficit, underscoring the urgent need for structural reforms.
