pakistan exports surge by 33% YoY in December
Published on: December 28, 2023.
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In the first 20 days of December 2023, Pakistan’s exports experienced a remarkable year-on-year increase, reaching $479 million, with a growth rate of 33.1%, according to a recent press release. Minister of Commerce Dr. Gohar Ejaz highlighted that these positive trade figures and the upward trend demonstrate Pakistan’s resilience in the global market.
Dr. Ejaz stated, “We will continue to work towards enabling our exporters and finding new destinations for exports.” This commitment to facilitating trade and exploring new markets reflects the government’s dedication to supporting the growth of the export sector.
On the other hand, imports during the same period saw a significant decrease of $405 million, resulting in a reduction of 12.8%. This decline in imports contributed to a remarkable improvement of $884 million in the balance of trade for December 2023.
Looking at the cumulative figures from July 1, 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 improvement of 5.3%. In contrast, imports during the same period dropped to $24.3 billion from $29.2 billion in FY-2022, reflecting a notable year-on-year decrease of $4.9 billion. As a result, there was a significant year-on-year improvement in the balance of trade, amounting to $5.6 billion.
Sector-wise, the agricultural and food exports experienced an extraordinary year-on-year increase of 109.2%, totaling $574.6 million in the first 20 days of December 2023. This outstanding performance can be attributed to robust exports of maize, corn, ethyl, alcohol, tobacco, and rice.
Additionally, the textile sector and manufacturing & engineering sector demonstrated a commendable year-on-year increase of 15% in exports during the same period. These sectors are playing a crucial role in driving the overall growth of Pakistan’s exports.
Furthermore, Pakistan’s exports witnessed significant growth in key destinations such as Indonesia, United Arab Emirates, Madagascar, and China. These countries have become important markets for Pakistani exporters, and their increasing demand for Pakistani products is a positive sign for the future.
Minister Dr. Gohar Ejaz expressed confidence in the continuation of this upward trend, highlighting the Ministry’s commitment to creating a conducive environment for trade and economic growth. These achievements not only showcase Pakistan’s resilience but also highlight its competitiveness in the global market.
Overall, Pakistan’s export sector is experiencing significant growth and contributing positively to the country’s economy. The government’s efforts to support exporters and explore new markets are yielding fruitful results. With continued focus and commitment, Pakistan can further enhance its export potential in the future.
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