ISLAMABAD (APP) — In an effort to stabilize its depreciating rupee and address diminishing foreign exchange reserves, Pakistan is finding a glimmer of hope in recent data from the Pakistan Bureau of Statistics (PBS). The latest figures reveal a notable 33.59% reduction in the trade deficit and a modest 1.93% growth in exports.

For the five-month period spanning July to November in the fiscal year 2023-24, Pakistan’s trade deficit stands at $9.3 billion, a substantial decrease from the $14.12 billion recorded in the corresponding period of the previous fiscal year (2022-23). During this time, exports amounted to $12.17 billion, showing a slight increase from the $11.9 billion reported last year. Conversely, imports experienced a 17.3% decline, decreasing to $21.5 billion from the $26 billion recorded in the same period last year.

Examining the month of November on a year-on-year basis, the country observed a 7.66% growth in exports, reaching $2.57 billion compared to the $2.38 billion reported in November 2022. Imports for November 2023 were $4.46 billion, reflecting a 13.47% decrease from the $5.15 billion recorded in November 2022.

On a month-on-month basis, exports in November decreased by 4.39% compared to October 2023, where exports stood at $2.69 billion. Meanwhile, imports witnessed an 8.31% decline, dropping from $4.864 billion in October 2023.

The services sector contributed positively to the trade balance. Services exports from July to October in the fiscal year 2023-24 generated $2.4 billion in foreign exchange, reflecting a growth of 3.34% from the $2.33 billion recorded in the same period last year. However, services imports increased by 19.57%, rising from $2.7 billion to $3.2 billion in the first four months of the current fiscal year. Consequently, the services trade deficit widened by 116.66%, reaching $847 million compared to $390 million in the same period last year.