When compared to the same month in the previous fiscal year (FY24), the increase in imports was very significant and noteworthy. Imports into the nation reached a staggering Rs. 6.542 billion in July of last year, marking an amazing increase of about 125 percent from the previous year.
The total value of July’s imports, measured in dollars, was $68.135 million. This figure represents a rise of 27 percent from June’s total as well as a significant increase of 75 percent when compared to July 2022’s level.
It is important to remember that the government imposed tough import restrictions one year ago in order to control the flow of dollars out of the country. As a result of this, the quantity of imports was decreased.
Because to the import limits, Pakistan’s trade deficit fell to $27.547 billion in the fiscal year 2022–23 (FY23), which is a reduction of 43.03 percent from the previous year. In comparison to the previous year’s total of $48,354 billion. The amount that was brought into the country via imports decreased by 31 percent, going from $80.136 billion in FY22 to $55.291 billion in FY23.
Imports began to pick up where they left off shortly after the central bank abolished all of the limitations they had imposed near the end of June.