Pakistan’s Exports Spikes by 30% for Straight Third Month

Pakistan’s Exports Spikes by 30% for Straight Third Month.

Pakistan’s Exports Surge for Third Consecutive Month, Boosting Trade Balance

Positive news emerges from Pakistan’s trade landscape: February 2023-24 witnessed a significant improvement in the country’s trade balance, driven by a remarkable surge in exports and a moderate increase in imports.

This positive trend marks the third consecutive month of impressive export growth, fueling optimism for the Pakistani economy.

Key Findings:

Trade Balance Improvement: Compared to February 2022-23, the trade balance improved by 18.2% in February 2023-24.
Export Boom: Exports experienced a stellar 30% growth, reaching $2.575 billion in February 2023-24, compared to $1.984 billion in the same period last year.
Import Growth: Imports saw a modest increase, registering $1.628 billion in February 2023-24, compared to $1.990 billion in February 2022-23.
Year-to-Date Performance: July-February 2024 saw strong export growth of 14.2%, totaling $20.341 billion. Imports, however, declined by 14.1%, registering $34.213 billion.
Trade Deficit Reduction: Consequently, the trade deficit for the July-February period contracted to -$13.872 billion, compared to -$21.995 billion in the same period last year.

Government Initiatives and Industry Response:

The Pakistani government’s commitment to bolstering export-oriented industries, diversifying export markets, and attracting foreign direct investment is credited for contributing to this positive trend. These efforts aim to further enhance Pakistan’s trade balance in the coming months.

Industry leaders are also optimistic about the recent developments. Dr. Gohar Ejaz, Minister for Commerce, highlighted the third consecutive month of nearly 30% export growth, with year-on-year increases of 28% in December, 27% in January, and 30% in February. He further emphasized the diversification of exports observed with a 15% rise in manufacturing and engineering exports and a remarkable 70% surge in agri and food exports.

Looking Ahead:

While acknowledging the positive developments, Dr. Ejaz stressed the need for continued vigilance. Maintaining focus on policies that enhance competitiveness and streamline trade processes remains crucial for sustaining this growth trajectory.

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