The trade deficit narrowed by 30.1 percent on a month-on-month basis from $4.816 billion in December 2021 to $3.362 billion in January 2022, according to the PBS [Pakistan Bureau of Statistics] data.
The country’s exports declined by 7.8 percent on a month-on-month basis and remained $2.546 billion in January 2022 compared to $2.764 billion in December 2021.
According to the data, imports declined by 22 percent on a month-on-month basis and remained $5.908 billion in January 2022 compared to $7.580 billion in December 2021.
As per the PBS monthly summary of the foreign trade statistics for January 2022, the trade deficit widened by 91.9 percent during the first seven months (July-January) of the current fiscal year 2021-22 and reached $28.800 billion compared to $15.002 billion during the same period of 2020-21.
Commenting on the trade numbers, economic analyst, A. A. H. Soomro, told ProPakistani,
[There is a] significant U-turn in the trade deficit. [It is] heading toward normalcy and sustainable growth now. SBP’s actions and PKR depreciation [are] acting as automated stabilizer; [steps are needed] before it could get out of control. Nonetheless, commodity prices are stubborn, and oil does have an upside risk. Don’t unfasten the seat belt yet. It seems to be out of danger zone for now; the PKR should stabilize.
The country’s exports increased by 23.9 percent and remained $17.671 billion in the first seven months of the current fiscal year 2021-22 compared to $14.255 billion during the same period of 2020-21.
The imports increased by 58.8 percent during the first seven months (July-January) of the current fiscal year and stood at $46.47 billion compared to $29.257 billion during the same period of the corresponding year, stated the PBS.
According to PBS, the country’s trade deficit widened by 26.4 percent on a year-on-year basis jumping from $2.658 billion in January 2021 to $3.362 billion in January 2022.
The imports registered an increase of 23 percent on a year-on-year basis and jumped from $4.803 billion in January 2021 to $5.908 billion in January 2022. The exports registered an 18.6 percent growth on a year-on-year basis and increased from $2.145 billion in January 2021 to $2.546 billion in January 2022.
Source: Pro Pakistani