In accordance with IMF requirements, Pakistan has relaxed its import policies, which has resulted in a notable increase in domestic imports in May that almost reached $5 billion.
The State Bank recently provided statistics on imports, exports, and trade deficit. Although exports increased by 29% on a yearly basis, the trade deficit widened and reached $2.1 billion in May.
Pakistan’s trade deficit was $2.1 billion in May, up 1% from the previous month. During the same period, the nation’s exports were valued at $2.84 billion, while its imports were $4.95 billion.
Compared to last year, there was a noticeable rise of 29% in exports and 15% in imports. Pakistan’s trade imbalance for the eleventh month of the fiscal year was $21.07 billion, with $49.085 billion in imports and $28.011 billion in exports.
The rise in imports is a sign of expanding economic activity, even though the growing trade imbalance is still cause for concern.
