Pakistan’s exports drop by 3.77% to $2.37 billion in October

October exports

According to the Pakistan Bureau of Statistics (PBS), Pakistan’s exports decreased by 3.07% in October compared to the previous month of September. 

The Pakistan Bureau of Statistics reported that on a monthly and annual basis, the exports decreased by 3.07 and 3.77%, respectively. According to the PBS report, exports fell by 3.07% to $2.37 billion from September’s $2.44 billion. 

Read more: Exports of Pakistan’s marble sector can be raised 10 times to at least $370 million

In contrast, the current account deficit (CAD), which was $3.5 billion during the same period (July to September) of the fiscal year 2021–2022, decreased to $2.2 billion during the first quarter (Q1) of the current fiscal year. 

During the period of July to September, the current account deficit mostly decreased as a result of a rise in exports and a decrease in imports (2022-23). Free on board (FOB) exports increased by 5.5% from July through September of FY2023 to reach $7.6 billion ($7.2 billion the previous year). 

Between July and September of FY2023, imports on FOB decreased by 7.9% and totaled $16.0 billion ($17.4 billion the previous year). As a result, the trade deficit for July through September of FY2023, compared to $10.2 billion last year, was $8.4 billion. 

According to PBS, exports climbed from July to September of FY 2023 by 2.6% to $7.2 billion ($6.9 billion the previous year). The overall value of imports reduced to $16.4 billion ($18.7 billion last year) from July through September of FY2023, a decline of 12.4%. 

Petroleum products ($2388.7 million), pharmaceuticals ($372.3 million), petroleum crude ($1355.0 million), liquefied natural gas ($969.8 million), palm oil ($1135.7 million), plastics ($658.8 million), and iron and steel ($520.8 million) were the top imports. 

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