Pakistan’s trade deficit widens 19.7% year-on-year to $1.9 billion in July

Pakistan’s trade deficit was $1.95 billion in July, up 19.7% compared to a year ago, data released by the Pakistan Bureau of Statistics (PBS) showed on Friday.

However, the deficit shrank 19% compared to last month when it was recorded at $2.41 billion.

During the month, the country’s exports amounted to $2.31 billion, up 11.8% compared to last year, but lower than June’s exports of $2.5 billion.

Meanwhile, the country’s imports amounted to $4.25 billion, up 15.3% compared to July 2023. However, it was 14.3% lower than June’s imports.

The widening of the trade deficit is primarily due to a rise in import payments for edible oil, transport, machinery, agri and other chemicals, and textile-related goods.