Pakistan’s exports surge by 26.9% to $2.786 Bln on Month-on-Month Basis

Pakistan’s export sector has shown remarkable growth, with exports surging by 26.9% to $2.786 billion in January 2024 compared to $2.195 billion in the same period last year. This positive development was announced by the caretaker Minister for Commerce and Industries Gohar Ejaz.

In contrast, imports during January 2024 witnessed a slight decrease of 4.5% to $4.665 billion from $4.884 billion in January 2023. This decline in imports contributed to narrowing the trade deficit, which stood at $1.879 billion in January 2024, down from $2.689 million in January 2023.

The cumulative figures for the fiscal year highlight a consistent upward trajectory in exports, reaching $17.766 billion, marking a significant 12% increase from $15.831 billion in the previous fiscal year. Meanwhile, imports experienced a notable contraction of -16%, declining to $30.010 billion compared to $35.836 billion in the corresponding period of the previous fiscal year.

Caretaker Minister Gohar Ejaz expressed optimism about the country’s economic prospects, attributing the positive trends to the government’s steadfast commitment to promoting trade and economic growth. He emphasized the implementation of policies aimed at supporting exporters, diversifying the export base, and enhancing trade facilitation.

Read more: Pakistan aims to export $5 billion worth of smartphones by 2029

In a statement shared on social media platform X, formerly known as Twitter, the minister reaffirmed Pakistan’s dedication to achieving its trade goals and establishing itself as a prominent participant in the global economy.