Published on 21 May 2024
The Pakistan Federal Bureau of Statistics (PFBS) recently released data on the country’s trade performance for April 2024. Let’s take a closer look at the key findings:
Scrap Imports:
- Scrap Imports Volume: In April 2024, Pakistan imported 182,675 metric tons (mt) of scrap, representing a 1.9% increase compared to last year.
- Scrap Imports Value: The total value of scrap imports in April 2024 was $83.05 million, reflecting a substantial 63.4% year-on-year growth.
- Monthly Comparison: Scrap imports declined by 27.9% from March 2024.
Iron & Steel Imports:
- Iron & Steel Imports Volume: Pakistan imported 238,928 mt of iron and steel in April 2024, showing an impressive 83.3% increase from the previous month.
- Iron & Steel Imports Value: Iron and steel imports reached $191.18 million in April 2024, indicating a 3.1% month-on-month rise and a remarkable 107.5% surge year-on-year.
Trade Balance:
- The trade deficit widened significantly due to increased imports, reaching 180.58% in April 2024.
- The surge in iron and steel imports contributed to this widening trade gap.
In summary, while Pakistan experienced growth in scrap and iron & steel imports, the trade deficit remains a concern. Policymakers must monitor these trends to ensure a balanced trade environment closely.
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