Pakistan Import Gap Reaches $30 Billion Over Five Years

Pakistan has logged imports worth $321 billion through the Pakistan Single Window (PSW) system over the past five years (July 2020–June 2025), exceeding $30 billion above the import payments cleared by the State Bank of Pakistan (SBP) via banking channels during the same period.

The PSW recorded $321 billion in imports, while the SBP processed $291 billion, exposing a glaring discrepancy in national trade reporting. Officials stressed the urgent need for detailed reconciliation of import and banking transactions.

Historically, the Pakistan Bureau of Statistics (PBS) relied on Pakistan Revenue Automation Limited (PRAL) data for monthly trade reports, which fell $16.5 billion short of PSW figures over the five-year span. Government officials attributed part of the gap to accounting differences—SBP records only goods costs, treating freight and insurance separately—but the scale points to deeper issues.

The International Monetary Fund (IMF) has demanded public disclosure and explanation of these discrepancies. In recent discussions, the Fund urged a clear communication policy to rebuild data user confidence and avert further inconsistencies.

Officials informed the IMF that incomplete trade data was submitted earlier to the International Trade Centre (ITC) due to the shift from PRAL to PSW as the primary source. The Federal Board of Revenue (FBR) noted that differences initially seemed minor but have widened recently.

Joint scrutiny by the FBR, PBS, PRAL, and PSW uncovered that PBS used outdated data queries since 2017, leading to underreporting. In FY2024–25, PSW booked $64.1 billion in imports versus SBP’s $59.1 billion—a $5 billion gap. In FY2023–24, the discrepancy swelled to $6.7 billion.

The largest single-year mismatch occurred in FY2021–22, with PSW reporting $82.3 billion, PRAL $80.2 billion, and SBP only $71.5 billion—a $10.8 billion gap. Officials asserted this cannot be attributed solely to freight charges.

Sources suggested potential off-channel payments or importers using export finance for local sales. A committee formed by Prime Minister Shehbaz Sharif is actively investigating, with trade data analysis underway to reconcile differences and update records for IMF submission.