Trade deficit reaches $5.43 billion in first quarter of fiscal year

During the first quarter (July to September 2024) of the current fiscal year 2024-25, the country’s trade deficit increased by 4.24% to exceed $5.43 billion, while exports rose by $970 million, surpassing $7.87 billion.

According to data released by the Federal Bureau of Statistics, exports during the first quarter of the current fiscal year (July to September) increased by 14.11%, reaching a total of $7.87 billion compared to $6.90 billion during the same period last year.

On the other hand, imports also recorded an increase of 9.86%, with a total volume reaching $13.31 billion.

The trade deficit increased by 4.24%, resulting in a trade deficit of more than $5.43 billion during July to September.

The figures indicate that compared to September 2023, exports in the last month increased by 13.52%, reaching a volume of $2.805 billion, while in September 2023, they were $2.471 billion.

Additionally, imports in the last month reached $4.58 billion, leading to a more than 20% increase in the trade deficit, which stood at $1.78 billion.

Compared to August, exports in September 2024 also saw a 1.56% increase, with a volume of $2.762 billion, while the trade deficit recorded a 1.89% increase.