Country's Trade Deficit Grows Amid Rising Imports

In the fiscal year 2023-24, the country's exports saw a significant growth of 10.54 percent, amounting to $30.645 billion. On the other hand, imports decreased by 0.84 percent, totaling $54.734 billion. This resulted in a trade deficit of $24.089 billion, highlighting the imbalance between exports and imports.

Fast forward to June 2024, where exports continued to rise by 7.34 percent, reaching $2.529 billion. However, imports surged by 17.43 percent, hitting $4.919 billion. This uptick in imports compared to exports indicates a potential challenge in balancing trade in the coming months.

It is evident from the data that while the country's exports have shown growth, the widening trade deficit poses a concern. As imports outpace exports, efforts to boost export competitiveness and manage import levels will be crucial in achieving a more balanced trade scenario. Keeping a close eye on trade dynamics and implementing strategic measures will be essential for sustainable economic growth.