ISLAMABAD: The country’s exports increased by 10.54 percent ($2.921 billion) to $30.645 billion during the fiscal year 2023-24 compared to $27.724 billion in the corresponding period of 2022-23, says the Pakistan Bureau of Statistics (PBS).
The monthly trade data released by the Bureau noted that Pakistan’s trade deficit narrowed down by 12.32 per cent in the fiscal year 2023-24 as it stood at $24.089 billion compared to $27.474 billion during the fiscal year 2022-23.
Imports declined by 0.84 per cent to $54.734 billion during the fiscal year 2023-24 as compared with $55.198 billion in the fiscal year 2022-23.
The data further noted that the trade deficit widened by 30.39 per cent on a year-on-year basis and stood at $2.390 billion in June 2024 compared to $1.833 billion during the same month of 2023.
The imports increased by 17.43 per cent on a YoY basis and remained $4.919 billion in June 2024 compared to $4.189 billion in June 2023. The exports increased by 7.34 per cent on a YoY basis and remained $2.529 billion in June 2024 compared to $2.356 billion in June 2023.
On a MoM basis, the trade deficit widened by 15.13 per cent to $2.390 billion in June 2024, as compared to $2.076 billion in May 2024. Exports recorded a 10.92 per cent negative growth to $2.529 billion in June 2024 when compared with $2.839 billion in May 2024.
Import increased by 0.08 per cent to $4.919 billion in June 2024 when compared with $4.915 billion in May 2024.
The country’ exports was $4.434 billion during the first two months (July-August) of fiscal year 2023-24 and registered -6.32 per cent growth when compared to $4.733 billion in 2022-23. However, exports turned into a positive trajectory after that from September 2023.
Former caretaker minister for Commerce and Industries Gohar Ejaz in a post on X said that the trade deficit decreased proportionately to increased exports. Export-led growth is the only way forward for the country to get out of economic challenges and jobs creation. He said that trade deficit decreased by $3.5 billion which is directly proportional to increased exports.
President FPCCI Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Atif Ikram Sheikh, Chairman Rice Exporters Association, Chairman Seed Association, Chairman Fruit and Vegetable Association gave credit to hard work in marketing Pakistani products and creating increased access in China and GCC by Gohar Ejaz and his team which helped in turning around exports from negative to 10 per cent growth in his seven months tenure as caretaker federal commerce minister.
Copyright Business Recorder, 2024