ISLAMABAD: Pakistan’s trade deficit expanded by 10.6% to $24 billion in the first 11 months of FY 2024-25, driven by a sharp rise in imports compared to slower export growth, according to data from the Pakistan Bureau of Statistics (PBS).
From July to May, exports grew by 4.72% to $29.44 billion, while imports surged by 7.3% to $53.45 billion, increasing pressure on the country’s external accounts. Despite this, macroeconomic indicators showed some stability, with the current account recording a $1.88 billion surplus—a significant improvement from last year’s deficit. Workers’ remittances played a key role, rising by 30.9% to $31.2 billion.
Although May saw a 10.1% yearly drop in exports, monthly figures rebounded by 17.4%. Meanwhile, imports in May declined by 7.6% month-on-month, offering temporary relief. Analysts highlight challenges such as high interest rates affecting export competitiveness, while the IT sector remained a bright spot, with services exports growing by 9.3%.