Pakistan’s trade performance in 2024 has shown promising developments on an annual basis, marked by significant improvements in exports and a slight decrease in imports. Over the year, exports surged by 10.5% to reach $30.64 billion, signaling robust economic growth. Meanwhile, imports experienced a modest decline of 0.8%, totaling $54.73 billion. This shift has led to a notable reduction in the trade deficit by 12.3%, bringing it down to $24.08 billion.
However, the picture in June 2024 diverged from this positive trend. Exports for the month dropped by 11% compared to May, amounting to $2.25 billion. In contrast, imports saw a slight uptick of 0.1%, reaching $4.91 billion. Consequently, the trade deficit widened by 15.5% in June, standing at $2.39 billion, indicating a temporary setback in monthly trade balance.
While the annual figures underscore a favorable trajectory, the monthly fluctuations highlight the importance of ongoing monitoring and strategic adjustments. Addressing the decline in June’s exports and the incremental rise in imports will be crucial to sustaining the positive momentum in Pakistan’s trade performance.
In summary, while Pakistan has made significant strides in narrowing its trade deficit through increased exports and controlled imports over the year, vigilance and proactive measures are essential to navigate through monthly variations and ensure continued economic stability and growth.