Farooq Awan

Pakistan’s goods trade deficit widened sharply in November FY 2025-26, expanding to $2.86 billion, compared with $2.15 billion in November FY25, reflecting a 32.79% year-on-year increase, according to the Monthly Trade Report for November 2025 issued by the Trade Development Authority of Pakistan (TDAP).

The widening trade gap was driven by a sharp contraction in exports alongside higher imports. TDAP data show that goods exports in November FY26 declined to $2.398 billion, down from $2.83 billion in November FY25, registering a 15.35% year-on-year decrease.

In contrast, goods imports increased to $5.25 billion in November FY26, compared with $4.98 billion in the same month of the previous fiscal year, reflecting a 5.42% increase in import payments during the month.

The opposing movements in exports and imports directly contributed to the expansion of the monthly trade deficit. Exports fell by $435 million, and imports rose by $270 million year-on-year in November. The November outcome was consistent with trends observed over the fiscal year. TDAP figures show that goods exports during July-November FY26 totalled $12.84 billion, compared with $13.72 billion in the corresponding period of FY25, reflecting a 6.39% decline over the first five months of the fiscal year.

During the same July-November FY26 period, goods imports rose to $28.31 billion, up from $25.00 billion in July-November FY25, marking a 13.26% increase in cumulative import payments.

As a result, the cumulative goods trade deficit widened to $15.47 billion during July-November FY26, compared with $11.28 billion in the same period of the previous fiscal year, reflecting a 37.17% year-on-year expansion in the trade gap.

According to TDAP, the trade figures presented in the Monthly Trade Report are based on provisional data compiled from Weboc, the Pakistan Bureau of Statistics (PBS) and Pakistan Revenue Automation Limited (PRAL). They are subject to revision following final reconciliation.

Credit: INP-WealthPk