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Pakistan Exports Increase by 13.5% in October 2023, Says Pakistan Business Forum

Pakistan’s exports have seen a significant boost, growing by 13.5% in October 2023 and reaching a total of $2.7 billion, according to the Pakistan Business Forum (PBF). The trade deficit has also witnessed a decrease of 4.5% during the same period. These positive developments were announced by Chaudhry Ahmad Jawad, the Vice President of PBF.

Jawad highlighted the substantial growth in the overall agriculture sector, which witnessed a remarkable 73% increase in October. Notably, rice and sesame seed exports played a significant role in driving this growth. This indicates that Pakistan’s exports are diversifying, showcasing the strength of the agricultural industry.

In addition to the growth in agriculture exports, Jawad emphasized the need for Pakistan to enhance its services exports, particularly in the field of information and communication technology (ICT). He drew attention to the fact that India’s ICT exports exceeded $140 billion in the fiscal year 2022-23, doubling in the past five years. In contrast, Pakistan’s ICT exports reached a peak of $2.6 billion in the fiscal year 2021-22 but have remained stagnant since then.

Jawad identified the availability of skilled labor as a key factor behind the disparity between Pakistan and India in the ICT sector. India’s focus on technology and engineering education has allowed them to thrive in this area, while Pakistan’s education standards have declined. Although he acknowledged that addressing this situation would not be easy in the short to medium term, Jawad expressed optimism about Pakistan’s potential for growth in the ICT sector.

According to Jawad, many IT companies in Pakistan have raised concerns about the lack of skilled IT graduates who can contribute to export generation. He suggested the implementation of crash courses to equip underprepared graduates with the necessary skills.

The PBF believes that Pakistan has an abundance of talent, but the technology sector needs to create more opportunities and attract businesses to the country. Jawad highlighted the challenges associated with remitting money outside Pakistan, which reduces the incentive for companies to operate and expand within the country. He emphasized the need for the government to address this issue.

Addressing the finance division, Jawad mentioned that the State Bank of Pakistan’s efforts in 2020 resulted in significant growth in the following two years. However, he cautioned that the balance of payment crisis experienced last year has diminished confidence, leading companies to strive to keep their dollars abroad. Therefore, he stressed the importance of the government’s involvement in resolving this matter.

A PBF official expressed encouragement regarding the caretaker IT minister’s commitment to increasing ICT exports to $10 billion and introducing PayPal and Stripe payment gateways to Pakistan. However, the official pointed out that the current chronic dollar shortages have prevented exporters from remitting funds within the existing limits. Consequently, the issue requires attention from the finance division.

Source

Link: [Pakistan Today](https://www.pakistantoday.com.pk){:target=”_blank” rel=”nofollow”}