Pakistan’s exports surge by 16% in August, hitting $2.74 billion

Pakistan’s merchandise exports surged by nearly 16% year-on-year, reaching $2.74 billion in August 2024, up from $2.36 billion in the same month last year, according to data released by the Pakistan Bureau of Statistics (PBS). 

On a month-on-month basis, August exports saw an increase of 18.9% compared to July 2024. 

Overall, exports rose by 14% to $5.05 billion during the first two months of the fiscal year 2024-25 (July-August), up from $4.43 billion in the same period last year.

This growth is attributed to an increase in international orders and stability in the exchange rate. 

This surge in exports also contradicts concerns from exporter associations regarding the potential negative impact of tax measures introduced in the 2024-25 budget. Despite these concerns, the data indicates robust growth in the country’s export earnings.

In the previous fiscal year (FY24), Pakistan’s merchandise exports grew by 10.54%, totaling $30.64 billion, compared to $27.72 billion in FY23. 

The export trajectory was steady from July 2023 until it turned negative in January 2024, with the downturn lasting until April. However, growth resumed in May and continued through June.

Pakistan’s highest-ever export figure was recorded in FY22, reaching $31.78 billion. However, this was followed by a decline in FY23, with exports falling to $27.54 billion.