Exports surge by over 25% for the third consecutive month

ISLAMABAD: Pakistan's trade balance witnessed a significant improvement in February 2023-24, with a remarkable 18.2% narrowing compared to the corresponding month in the previous fiscal year. This positive shift is credited to a notable surge in exports coupled with a moderate increase in imports.

Ministry of Commerce while referring to preliminary data released by the Pakistan Revenue Automation Limited (PRAL) claims, exports soared by 30%, reaching $ 2.575 billion in February 2023-24, compared to $ 1.984 billion in February 2022-23.

The data further reveals that the trade deficit contracted to $ -1.628 billion in February 2023-24, down from $1.990 billion recorded in February 2022-23.

For the period spanning July to February 2024, exports witnessed a robust 14.2% growth, amounting to $ 20.341 billion in 2023-24, compared to $ 17.815 billion in 2022-23. Conversely, imports experienced a decline of 14.1%, totaling USD 34.213 billion in 2023-24, down from $ 39.810 billion in 2022-23. The trade balance deficit notably narrowed to $ 13.872 billion in 2023-24, as opposed to $21.995 billion in 2022-23, based on preliminary Customs-based data.

The Government of Pakistan reaffirms its commitment to implementing policies aimed at fostering export-oriented industries, expanding export markets, and attracting foreign direct investment. These endeavors are anticipated to further bolster Pakistan's trade balance in the ensuing months.

In response to this encouraging development, Dr. Gohar Ejaz, Minister for Commerce, remarked, "This marks the third consecutive month where exports have surged by nearly 30%. We observed a 28% growth in December, 27% in January, and now, in February, an impressive 30% year-on-year increase."

Dr. Ejaz highlighted the diversification of exports, noting a 15% rise in Manufacturing & Engineering exports and a notable 70% increase in Agri & Food exports. He emphasized, "While this achievement is commendable, sustained vigilance is imperative. We must remain steadfast in our efforts to enhance competitiveness and streamline trade procedures.”