Pakistan’s exports surge by 30% for third straight month

ISLAMABAD: Pakistan’s trade landscape witnessed a significant boost in February 2023-24, marking an 18.2% improvement in the trade balance compared to the corresponding period last fiscal year.

This favourable trend is largely credited to a remarkable surge in exports coupled with a modest uptick in imports.

According to pre-PBS customs-based data unveiled by PRAL, exports surged by an impressive 30% to reach $2.575 billion in February 2023-24, up from $1.984 billion recorded in February 2022-23.

Moreover, the data reveals a notable contraction in the trade deficit, narrowing to $1.628 billion in February 2023-24, compared to $1.990 billion in February 2022-23.

During the period of July-February 2024, exports experienced a robust growth of 14.2%, totaling $ 20.341 billion in 2023-24, as opposed to $17.815 billion in 2022-23.

Conversely, imports witnessed a decline of 14.1%, registering $ 34.213 billion in 2023-24, down from $ 39.810 billion in 2022-23. Consequently, the trade balance deficit contracted to $ -13.872 billion in 2023-24, compared to $ -21.995 billion in 2022-23, according to pre-PBS customs-based data.

The Government of Pakistan remains steadfast in its commitment to implementing policies aimed at bolstering export-oriented industries, diversifying export markets, and attracting foreign direct investment. These concerted efforts are anticipated to further enhance Pakistan’s trade balance in the forthcoming months.

Reacting to this encouraging trend, Dr. Gohar Ejaz, Minister for Commerce, remarked, “This marks the third consecutive month of nearly 30% growth in exports, with increases of 28% in December, 27% in January, and now 30% in February year-on-year.”

Dr. Ejaz added, “Our exports are witnessing diversification, as evidenced by a 15% increase in manufacturing and engineering exports and a remarkable 70% surge in agri and food exports.”

However, he cautioned, “While this development is certainly promising, it underscores the need for sustained vigilance. We must maintain our focus on policies that enhance competitiveness and streamline trade processes.”