Tuesday, February 27, 2024

Pakistan’s exports hit 17-month high in January 2024

Pakistan’s exports grew for the fifth consecutive month in January 2024, reaching a 17-month high, showing a recovery of export-led industrial growth.

Exports reach $2.78 billion, reflecting 27% increase

Pakistan’s exports jumped 26.9% on a yearly basis in January 2024, reaching $2.786 billion, compared with $2.195 billion recorded in January 2023, according to a press release shared by the Ministry of Commerce on February 1.

“This is a remarkable improvement from last year,” Federal Minister of Interior, Commerce, and Industries, Dr. Gohar Ejaz said, as per the statement.

While exports rose, imports saw a decline of 4.5% during the first month of 2024, settling at $4.665 billion, compared to $4.884 billion in the same month last year.

As a result, Pakistan’s trade deficit narrowed to $1.879 billion in January, marking a substantial improvement from the $2.689 billion deficit observed in January of the previous year.

Trade deficit shrinks by 39%

The overall trade performance for the first seven months (July-January) of FY24 showcased “robust” growth, according to the statement.

During this period, Pakistan steadily expanded its international presence, with exports totaling $17.766 billion, marking a 12% increase from $15.831 billion recorded in the same period of the previous fiscal year.

Imports shrank 16%, amounting to $30.010 billion, during the first seven months, compared to $35.836 billion in the corresponding period of the previous year. Consequently, the trade deficit decreased by 39% to $12.244 billion, significantly lower than the $20.005 billion gap in the preceding year.

In absolute terms, exports surged by nearly $2 billion, while imports decreased by approximately $6 billion during the July-January FY24 period. Consequently, the trade deficit contracted by $7.8 billion, signaling a positive trend in Pakistan’s trade dynamics.

Expressing optimism, the minister stated, “These positive trends reflect our government’s unwavering commitment to promoting trade and economic growth. We will continue to implement policies that support our exporters, diversify our export base, and enhance trade facilitation.”

The surge in exports, coupled with a decline in imports, underscored Pakistan’s improving trade landscape. With a narrowed trade deficit and a steady expansion of its international footprint, Pakistan is poised to make significant strides in the global market.

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