commerce ministry announces $5.6b balance of payment (BoP) improvement
Published on: December 28, 2023.
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Rice Exporters in Pakistan Celebrate Remarkable Trade Performance
In a significant achievement for Pakistan’s trade sector, the Federal Ministry of Commerce announced a remarkable trade performance and year-on-year balance of payments (BoP) improvement worth $5.6 billion. Caretaker Minister of Commerce, Dr. Gohar Ejaz, stated that these positive trade figures and upward trend highlight Pakistan’s resilience.
“We will continue to work towards enabling our exporters and to find new destinations for exports,” said Dr. Ejaz.
The Ministry reported that in the first 20 days of December 2023, Pakistan experienced an outstanding year-on-year increase in exports, amounting to $479 million, reflecting an impressive growth rate of 33.1 percent. On the other hand, imports during the same period saw a substantial decrease of $405 million, marking a -12.8 percent reduction. This positive trend contributed to an $884 million improvement in the balance of trade for December 2023.
From July 1st, 2023, to December 20th, 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 dropped to $24.3 billion from $29.2 billion in FY-2022, reflecting a notable year-on-year decrease of $4.9 billion. This resulted in a year-on-year improvement in the balance of trade of $5.6 billion.
In terms of 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 textile sector and manufacturing and engineering sector also demonstrated a commendable 15 percent year-on-year increase in exports during this period.
Pakistan’s exports witnessed significant growth to key destinations, including Indonesia, the United Arab Emirates, Madagascar, and China.
Dr. Ejaz expressed confidence in the continuation of this upward trend and emphasized the Ministry’s commitment to fostering a conducive environment for trade and economic growth. These achievements underscore Pakistan’s resilience and competitiveness in the global market.
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