Pakistan’s exports grow 25% YoY to $2.7bn in January 2024

Pakistan’s exports recorded a year-on-year (YoY) growth of 24.81% to $2.792 billion in January 2024 compared to $2.237 billion in January 2023. 

According to the latest data released by the Pakistan Bureau of Statistics (PBS), exports slightly dropped by 1.06% month-on-month over 2.822 billion recorded in December 2023.

The main commodities of exports during January 2024 were rice (other varieties), knitwear, readymade garments, bedwear, cotton cloth, towels, rice (basmati), cotton yarn, vegetables, and petroleum products.

The percentage change in the value of these commodities over December 2023 and January 2023 ranged from -15.55% to 78.37% and from 20.28% to 5532.54%, respectively.

The cumulative exports during the first seven months (July–Jan) of FY 2023-24 totaled $17.778 billion against $16.481 billion during the corresponding period of last year, showing an increase of 7.87%.

Imports

According to PBS, Pakistan’s imports in January 2024 were recorded at $4.771 billion as compared to $4.650 billion in December 2023, showing a MoM increase of 2.60% but a YoY decrease of 1.14% as compared to $ 4.826 billion in January 2023.

The main commodities of imports during January 2024 were natural gas (liquified), petroleum products, petroleum crude, electric machinery and apparatus, palm oil, plastic materials, mobile phones, fertilizer (manufactured), wheat (unmilled), and iron and steel.

The percentage change in the value of these commodities over December 2023 and January 2023 ranged from -35.08% to 145.86% and from -26.60% to 425.95%, respectively.

The cumulative imports during July to Jan) FY 2023-24 stood at $30.938 billion as against $36.034 billion during the corresponding period of last year, showing a decrease of 14.14%.

Trade deficit

Based on the provisional imports and exports figures, Pakistan’s trade deficit was recorded at $1.979 billion in January 2024 from $2.689 billion in January 2023. 

The cumulative trade deficit from July – January FY 2023-24 was recorded at $13.160 billion compared to $20.005 billion in the same period of the previous year.