Pakistan’s export sector has witnessed a remarkable upsurge, with an increase of 8.93 percent observed during the initial nine months of the current fiscal year (2023–24) compared to the corresponding period in the previous year.
According to data released by the Pakistan Bureau of Statistics (PBS), exports surged to $22.914 billion from July to March (2023–24), demonstrating a significant rise from the $21.036 billion recorded during the same timeframe in 2022–2023.
In contrast, imports experienced a decline of 8.65 percent, falling to $39.944 billion from $43.724 billion in the previous year.
As a result, there was a significant improvement in the trade deficit, which stood at $17.030 billion for the first nine months of the current fiscal year, marking a substantial decrease of 24.94 percent from the $22.688 billion recorded during the corresponding period last year.
A closer examination of the performance for March 2024 compared to March 2023 reveals that exports experienced a notable increase of 7.99 percent on an annual basis, rising from $2.366 billion to $2.555 billion.
In contrast, imports surged by 25.86 percent, reaching $4.726 billion compared to $3.755 billion in March 2023.
When analyzing the month-to-month performance, exports in March 2024 saw a slight decline of 1.08 percent from February 2024’s $2.583 billion. However, imports demonstrated a significant increase of 9.25 percent from the $4.326 billion recorded in February 2024, according to PBS data.
The data highlights Pakistan’s ongoing efforts to strengthen its global trade position amidst economic growth, as reported by the Pakistan Bureau of Statistics.
