The gap between what Pakistan sells to and buys from the rest of the world in goods — exports minus imports.
Source: SBP EasyData, monthly, BPM6 balance on trade in goods.
The trade balance is the difference between the value of goods Pakistan exports and the value of goods it imports in a given month. A negative number is a trade deficit; a positive number is a trade surplus.
Pakistan has run a trade deficit in almost every month for decades. Its export base is concentrated in textiles and apparel, while its import bill is driven by energy (oil and gas), machinery, and raw materials needed for industry.
This is a narrower measure than the current account, which also includes services, income flows, and transfers like remittances — remittances in particular help offset a large share of the goods trade deficit.
A widening trade deficit increases demand for foreign currency to pay for imports, which has historically coincided with periods of faster Rupee depreciation and lower foreign reserves.
Because Pakistan's import bill is so heavily weighted toward energy, the trade deficit is highly sensitive to global oil prices — a spike in oil prices can widen the deficit even if export volumes stay flat.