Commerce Ministry reveals $5.6 billion improvement in Balance of Payments
Published on: December 29, 2023.
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The Federal Ministry of Commerce announced a significant achievement in Pakistan’s trade sector, with a remarkable trade performance and a year-on-year balance of payments improvement worth $5.6 billion. Caretaker Minister of Commerce Dr. Gohar Ejaz highlighted that these positive trade figures and upward trend demonstrate Pakistan’s resilience. The ministry aims to continue working towards enabling exporters and finding new destinations for exports.
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%. On the other hand, imports during the same period saw a substantial decrease of $405 million, marking a -12.8% 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% improvement. Import figures during the same period dropped to $24.3 billion from $29.2 billion in FY-2022, reflecting a significant year-on-year decrease of $4.9 billion. This resulted in a notable 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% 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% year-on-year increase in exports during the same period.
Pakistan’s exports witnessed significant growth to key destinations, including Indonesia, United Arab Emirates, Madagascar, and China. The Ministry of Commerce is confident in the continuation of this upward trend and emphasizes its commitment to fostering a conducive environment for trade and economic growth. These achievements highlight Pakistan’s resilience and competitiveness in the global market.
Source: [Nation](https://www.nation.com.pk){:target=”_blank”}
