Monthly External Merchandise Trade Statistics for October 2024

October 2024’s trade figures reveal a visible trade deficit of Rs 18,998 million, representing a modest 0.6% increase compared to September 2024.

While this deficit is higher than the corresponding month of the previous year, showing a 35.4% rise compared to October 2023, a closer examination reveals a nuanced picture. The increase in the deficit is not solely attributable to a surge in imports, but rather reflects a complex interplay of import and export trends.

Specifically, total imports in October 2024 experienced a slight decrease of 0.8% compared to the previous month, suggesting a potential stabilization or even a slowing of import growth. This is further contextualized by the 24.0% increase in imports compared to October 2023, which, while significant, indicates a robust underlying economic activity. This year-on-year growth underscores continued demand and investment, positive signs for overall economic health.