Major Increase in Pakistan’s Agricultural Exports with a Surge of Over 70%
Published on: November 13, 2023.
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**Pakistan’s Exports Surge, Agriculture Sector Shows Remarkable Growth**
In October 2023, Pakistan’s exports recorded a significant increase of 13.5 percent, reaching $2.7 billion according to the Pakistan Business Forum (PBF). This surge highlights positive economic developments in the country, as the trade deficit also saw a reduction of 4.5 percent during the same period.
Vice President of PBF, Chaudhry Ahmad Jawad, highlighted the exceptional growth of 73 percent in the agriculture sector for the month of October. This growth was largely driven by the export of rice and sesame seeds, showcasing the diversification of Pakistan’s export portfolio and the strength of its 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. He drew a comparison with India, which has seen remarkable growth in ICT exports, surpassing $140 billion in fiscal year 2022–23. Pakistan, on the other hand, experienced stagnant growth at $2.6 billion in fiscal year 2021–22. The key differentiator, according to Jawad, is India’s focus on technology and engineering, which has led to the development of a skilled labor pool.
Despite the challenges in the short term, Jawad expressed optimism about Pakistan’s potential for growth in the ICT sector and suggested offering crash courses to enhance the capabilities of IT graduates to address the skills gap. He also highlighted concerns raised by IT companies in Pakistan, such as a lack of demand and difficulties in remitting money outside the country. Jawad called for government intervention to address these issues and restore confidence in the technology sector.
In addition, a PBF official commended 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, he raised concerns about the limitations on exporters’ remittances and urged the finance division to address this critical issue.
Overall, Pakistan’s surge in exports and remarkable growth in the agriculture sector indicate positive economic developments for the country. By focusing on boosting service exports in the ICT sector and addressing challenges faced by IT companies, Pakistan can further enhance its economic growth and create opportunities for its workforce.
**Source: [The Current](https://thecurrent.pk)**
