Pakistan’s trade deficit witnessed a notable reduction of 30.18 percent during the July-February period of the fiscal year 2023-24.
According to the latest figures released by the Pakistan Bureau of Statistics (PBS), the deficit stood at $14.872 billion, compared to $21.299 billion recorded in the same period of the previous fiscal year.
The PBS data highlighted that Pakistan’s exports saw a healthy growth of nine percent, reaching $20.351 billion in the first eight months of the current fiscal year, up from $18.670 billion in the corresponding months of the previous year.
This increase in exports contributes positively to the country’s trade balance.
On the import front, there was an 11.87 percent decrease, with imports totalling $35.223 billion during July-February 2023-24, down from $39.969 billion in the same period last fiscal year. This decline in imports is a key factor in the narrowing of the trade deficit.
The monthly comparison for February 2024 also presents an interesting picture. The trade deficit contracted by 13.49 percent to $1.712 billion, down from $1.979 billion in January 2024. Despite a month-on-month decline in exports by 7.84 percent to $2.573 billion in February, the year-on-year analysis for the same month shows a robust increase of 17.54 percent compared to February 2023.
Imports in February 2024 rose to $4.285 billion, marking a 10.19 percent increase from January 2024 and an 8.89 percent increase from February 2023.
These figures represent a pivotal shift in Pakistan’s trade dynamics, indicating a strengthening economic position through enhanced export performance and managed import levels.
The reduction in the trade deficit is a positive sign for the country’s economy, potentially leading to more sustainable economic growth.
Who is given credit for raise in exports figure. Rice export is main contributor for jump in export figure for that India ban on export of rice enabled us to attain rice export surge. Secondly main food items like meat and other vegetables were exported and rise in prices of such commodities were suffered by common man. Anyhow it is nice to know export is rising. Deputy governor SBP highlighted that more than 10 billion dollars food items are imported that can be avoided if we manage raise their production / per acre yield that will improve our trade balance.
People must be encouraged to establish chicken/ mutton/ beef farms to enhance hilal meat exports. This does not require sophisticated modern expensive machinery and such farms can be established in rural areas.
Dr. Saif has done good work to enhance IT related exports and has planned to train youngsters in this field.
We also need to change educational priorities. Emphasis should be more on technical training of nurses, technicians of medical related illness, plumbers,electricians, mobile repair mechanic rather than producing simple BA,MA,MBA, etc. Emphasis should be on developing technical skill and exporting man power to countries where ageing population is problem.
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