Merchandise exports in Pakistan extended their growth streak for the fifth consecutive month in January, reaching a 17-month high and signaling a recovery in export-led industrial growth.
According to data from the Ministry of Commerce, export proceeds for January stood at $2.78 billion, reflecting a substantial 27% increase from the previous year’s $2.19 billion.
Commerce Minister Gohar Ejaz attributed these positive trends to the caretaker government’s commitment to promoting trade and economic growth. He affirmed the continuation of policies supporting exporters, diversification of the export base, and efforts to enhance trade facilitation.
Exports for the first seven months of the fiscal year 2024 increased by 12% to $17.76 billion from $15.83 billion in the corresponding period last year.
The sustained rise in export proceeds for January indicates potential recovery in the textile and clothing sectors, securing orders from global clients after a year of downturn and showcasing Pakistan’s expanding international trade footprint.
Minister Ejaz, confident in Pakistan’s trajectory, expressed the belief that the country is on track to achieve its trade goals and emerge as a global economic leader.
Despite the optimistic export scenario, the International Monetary Fund (IMF) projects a more moderate outlook, with export proceeds gradually increasing from $30.84 billion in FY24 to $39.46 billion in FY28.
This forecast falls short of the ambitious $100 billion export goal set by the commerce ministry for the same period.
Import data revealed a 4.5% decrease in January to $4.66 billion from $4.88 billion in the same month last year, continuing a trend of negative import growth.
The import bill for July-Jan FY24 decreased by 16% to $30.01 billion, down from $35.83 billion in the corresponding months last year.
The government aims for an import target of $58.69 billion for FY24, representing an 8.14% increase from the previous fiscal year.
The trade deficit showed a notable improvement, narrowing by 30% to $1.879 billion in January 2024 from $2.689 billion in January 2023.
Over the seven-month period, the overall trade deficit decreased by 39%, totaling $12.244 billion compared to $20.005 billion in the previous year.
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Muhammad Rasool aur Islam nay Pakistan ki GAAND mar Dali.
Ab ki bari Islam ka Lawda Kaat dalo.
Quran ko Jala Dalo !!
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Baloch Liberation Zindabad.