Pakistan’s First Half Exports Surge by 35.33% to Rs4.3 Trillion
Published on: January 23, 2024.
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Pakistan’s exports in the rupee term have experienced a significant increase of 35.33% during the first half of the current fiscal year compared to the same period last year, according to the Pakistan Bureau of Statistics (PBS). The provisional data released by the PBS reveals that exports from July to December 2023 amounted to 4,300,752 million rupees, whereas during the same period in the previous year, the exports stood at 3,177,893 million rupees. This substantial growth of 35.33% is an encouraging sign for the country’s economy.
In terms of year-on-year (YoY) comparison, the exports in December 2023 exhibited a remarkable surge of 54.59%. The exports for that month reached 799,588 million rupees, whereas in October 2022, it was recorded at 517,240 million rupees. This YoY growth indicates an upward trend in Pakistan’s export sector.
Looking at the month-on-month (MoM) data, the exports in December 2023 also showed a positive trajectory with an increase of 8.86% compared to November 2023. The exports in November were valued at 734,541 million rupees, while the figure rose to 799,588 million rupees in December.
The main products contributing to Pakistan’s exports in December 2023 were rice other than Basmati, knitwear, readymade garments, bed wear, cotton cloth, cotton yarn, towels, rice Basmati, made-up articles (excluding towels and bed wear), and meat and meat preparations. The total value of these exported goods amounted to 124,040 million rupees, 103,898 million rupees, 84,569 million rupees, 64,119 million rupees, 40,678 million rupees, 26,984 million rupees, 24,814 million rupees, 22,888 million rupees, 16,991 million rupees, and 12,472 million rupees, respectively.
Turning to imports, the data shows that imports during July to December 2023 reached 7,533,700 million rupees, reflecting an increase of 8.20% compared to the same period last year, which recorded imports worth 6,962,865 million rupees. This growth in imports highlights the demand for goods in the domestic market.
In December 2023, imports amounted to 1,317,463 million rupees, representing a YoY increase of 13.94% compared to the imports in December 2022, which were valued at 1,156,237 million rupees. Moreover, on a MoM basis, imports in December 2023 increased by 1.66% compared to November 2023, which had imports worth 1,295,968 million rupees.
The main commodities imported by Pakistan in December 2023 included petroleum crude, petroleum products, natural gas (liquefied), electric machinery and apparatus, palm oil, plastic materials, mobile phones, iron and steel, iron and steel scrap, and motor cars (ckd/skd). These commodities had import values of 158,260 million rupees, 150,888 million rupees, 109,516 million rupees, 63,667 million rupees, 60,316 million rupees, 52,218 million rupees, 49,887 million rupees, 41,654 million rupees, 30,426 million rupees, and 29,543 million rupees, respectively.
Overall, Pakistan’s export sector has experienced significant growth, bolstering the country’s economy. The increase in exports signifies the competitiveness of Pakistani products in the international market. On the other hand, the rise in imports reflects the rising demand for goods and services in the country. Both trends indicate the overall health of Pakistan’s trade sector.
To learn more about the rice exports industry in Pakistan, visit [hasrice.com](https://www.hasrice.com). For information about Pakistan’s rice exports and suppliers, go to [pakistanrice.com](https://www.pakistanrice.com).
Source: en.wenews.pk
