Pakistan’s Remarkable Trade Performance Boost in export, decline in import taking place: Dr Gohar

Pakistan’s Remarkable Trade Performance Boost in export, decline in import taking place: Dr Gohar

The Federal Ministry of Commerce in Pakistan has announced a noteworthy improvement in trade performance and the year-on-year Balance of Payments (BoP), with a positive trend of $5.6 billion. Caretaker Minister of Commerce Dr. Gohar Ejaz highlighted the resilience of Pakistan’s trade sector and expressed a commitment to supporting exporters and finding new destinations for exports.

The data revealed a remarkable year-on-year increase in exports by $709 million, reaching $14 billion from July 1st to December 20, 2023, contributing to an overall improvement in the balance of trade.

During the first 20 days of December 2023, exports experienced a notable 33.1% year-on-year growth, amounting to $479 million, while imports decreased by $405 million, marking a 12.8% reduction. The positive trend resulted in an $884 million improvement in the balance of trade for December 2023.

On year-on-year decrease in imports, conversely, imports during the same period saw a substantial decrease of $405 million, marking a 12.8 percent reduction. This positive trend contributed to a $884 million improvement in the balance of trade for December 2023. According to the data, from July 1st, 2023, to December 20, 2023, Pakistan’s exports soared to $14 billion, showcasing a remarkable year-on-year increase of $709 million, translating to a substantial 5.3 percent improvement.

Import figures during the same period (1st July, 2023 to 20th December, 2023) dropped to $24.3 billion from $29.2 billion in FY-2022, reflecting a notable year-on-year decrease of $4.9 billion. This comes down to a year-on-year improvement in the balance of trade of $5.6 billion. According to sectoral performance, agricultural and food exports witnessed an extraordinary 109.2 percent year-on-year increase, totaling $574.6 million in the first 20 days of December 2023. This surge can be attributed to robust performances in maize, corn, ethyl, alcohol, tobacco, and rice exports.

The agricultural and food sector witnessed an extraordinary 109.2% year-on-year increase in exports, driven by strong performances in maize, corn, ethyl, alcohol, tobacco, and rice. Additionally, the textile, manufacturing, and engineering sectors demonstrated a commendable 15% year-on-year increase in exports during the same period. Key destinations for Pakistan’s growing exports include Indonesia, the United Arab Emirates, Madagascar, and China.