Pakistan’s merchandise exports have witnessed continuous growth for the fourth consecutive month, attaining an 18-month high in December, marking a recovery in export-led industrial growth.
The latest data released by the Pakistan Bureau of Statistics (PBS) indicates exports proceed at $2.82 billion, reflecting a 22.21% increase compared to the corresponding month last year. On a month-on-month basis, exports increased by 9.29%.
In the first half of FY24, exports registered a 5.17% growth, reaching $14.98 billion.
The rise in December suggests a rebound in the textile and clothing sectors, with indications of securing global orders.
Caretaker Commerce Minister Gohar Ejaz noted the December exports at $2.8 billion and expressed confidence in reaching the $3 billion potential. He said that the ministry aims for export-led development to achieve $8 billion monthly through a new policy under the Special Investment Facilitation Council (SIFC) framework.
Meanwhile, imports declined by 12.25% to $4.52 billion in December, with negative growth persisting. On a month-on-month basis, imports decreased by 0.55%. The import bill for July-December FY24 fell by 16.28%, totaling $26.13 billion.
In FY23, imports decreased by 31% to $55.29 billion, and the government targets $58.69 billion for FY24. The trade deficit narrowed by 34.29% to $11.14 billion in July-December FY24, compared to the same period last year. In December, the trade deficit contracted by 40.13% to $1.70 billion.
