Pakistan’s Farm Exports Skyrocket, Surging Over 70% in Agricultural Boom
Published on: November 13, 2023.
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Pakistan’s Exports Surge in October 2023 by 13.5%, Agriculture Sector Shows 73% Growth
In a recent report by the Pakistan Business Forum (PBF), it has been disclosed that Pakistan’s exports experienced a significant surge in October 2023, reaching $2.7 billion. This marks a 13.5% increase in exports compared to the previous period. At the same time, the country also witnessed a reduction of 4.5% in the trade deficit, indicating positive economic developments.
The Vice President of PBF, Chaudhry Ahmad Jawad, highlighted the remarkable growth of 73% in the agriculture sector during October. This growth can be largely attributed to the strong performance of exports in rice and sesame seeds. These exports play a crucial role in diversifying Pakistan’s export portfolio and showcasing the strength of the agricultural industry.
Jawad emphasized the need for Pakistan to focus on boosting its service exports, particularly in the information and communication technology (ICT) sector, in order to address the balance of payment deficit. Drawing a comparison with India, he noted that India’s ICT exports surpassed $140 billion in the fiscal year 2022–23, while Pakistan’s growth remained stagnant at $2.6 billion in the fiscal year 2021–22. He pointed out that India’s emphasis on technology and engineering has led to a skilled labor pool, contributing to its success in the sector.
Despite acknowledging the challenges in the short to medium term, Jawad expressed optimism about Pakistan’s potential for growth in the ICT sector. He suggested bridging the skills gap by offering crash courses to enhance the capabilities of IT graduates. Additionally, he raised concerns about the lack of demand and difficulties in remitting money outside of Pakistan faced by the technology sector. He called for government intervention and emphasized the need for ongoing attention to restore confidence in the sector.
In conclusion, a PBF official praised the caretaker IT minister’s goal of increasing ICT exports to $10 billion and bringing renowned payment gateways like PayPal and Stripe to Pakistan. However, concerns were raised about the existing limitations on exporters’ remittances, urging the finance division to address this critical issue.
Source: [The Current](https://thecurrent.pk){:target=”_blank”}
