Pakistan’s exports increased by 11.83% to $2.31 billion in the first month of the new fiscal year 2024-25, up from $2.06 billion in the same month last year, according to data released by the Pakistan Bureau of Statistics (PBS).
However, on a month-on-month basis, exports saw a decline of 9.77% from June.
According to PBS data, imports grew by 15.30% to $4.25 billion in July, up from $3.69 billion in the same month last year.
On a month-on-month basis, imports declined by 14.27%.
The trade deficit in July widened by 19.71% to $1.95 billion, up from $1.63 billion in the same month last year.
In the fiscal year 2024 (FY24), exports rose by 10.54% to $30.64 billion, up from $27.72 billion in the previous year. Exports had increased steadily from July 2023 until they turned negative in January 2024, a trend that persisted until April. Growth resumed in May and continued into June.
The country recorded its highest-ever exports in the fiscal year 2021-22, reaching $31.78 billion. However, the following year saw a decline, with exports falling to $27.54 billion.
In FY24, imports fell by 0.84% to $54.73 billion, compared to $55.19 billion in FY23. The trade gap for FY24 narrowed to $24.08 billion from $27.47 billion in the preceding year.
Exporter associations have warned the government about the potential negative impact of the tax measures outlined in the budget for 2024-25, which they believe could lead to a decline in export earnings.
