Exports from Pakistan climbed by 27.78 percent in the first eleven months of the current fiscal year (2021-22) compared to the same time the previous year, according to the Pakistan Bureau of Statistics (PBS). Exports were $28.848 billion in July-May (2021-22), up from $22.576 billion in July-May (2020-21), a 27.78 percent rise, according to PBS data.
Imports climbed by 44.28 percent in the study period, from $50.028 billion in the previous year to $72.182 billion in July-May (2021-22). In May 2022, exports from the country declined by 10.22% month over month, to $2.897 billion, compared to $2.897 billion in April 2022.
According to the data, the trade deficit for the period under consideration was $43.334 billion, increasing 57.85% over the previous year’s deficit of $27.452 billion, according to PBS data.
Meanwhile, in May 2022, the country’s exports increased by 55.66 percent compared to the same month the previous year. Exports totaled $2.601 billion in the month under review, up from $1.671 billion in the same month the previous year.
Imports increased by 25.43 percent in May 2022, from $5.297 billion in May 2021 to $6.644 billion in May 2022. In April, exports from the country decreased by 10.22% month over month.
Imports into the country declined by 0.52 percent in May 2022, according to PBS data, compared to imports of $6.679 billion in April 2022. Meanwhile, services exports climbed by 18.21% in the first ten months of this fiscal year, hitting $5.788 billion, up from $4.897 billion the previous year.
The percentage of imports of goods and services in total domestic activity has been stable at historically high levels since mid-2021. The rise in international commodity prices and, more broadly, international inflation played a significant impact in this development.
The import content of domestic growth is likely to decline in the coming months, aided by limitations on superfluous imports. Furthermore, if projected economic development slows in the following months, the import bill may be reduced.
Furthermore, remittances are estimated to total $2.5 billion. Considering these variables, the current account will remain significantly below $1 billion in the following months.