Agricultural Exports Surge: Rice and Sesame Seeds See Impressive 73% Growth, Reports PBF
Published on: November 13, 2023.
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Pakistan’s Exports Increase by 13.5% in October 2023, Trade Deficit Decreases
ISLAMABAD – Pakistan’s exports have seen a significant boost, with a growth rate of 13.5% in October 2023. This increase takes the total value of exports to $2.7 billion, according to the Pakistan Business Forum (PBF). Additionally, the trade deficit has decreased by 4.5% during the same period.
The Vice President of PBF, Chaudhry Ahmad Jawad, announced that the agricultural sector experienced a remarkable growth rate of 73% in October, with notable contributions from the rice and sesame seed exports. He emphasized that this diversification in exports shows the strength of Pakistan’s agricultural industry.
Jawad also pointed out the need for Pakistan to focus on increasing its services exports, particularly in the field of information and communication technology (ICT). He mentioned that India has successfully crossed the $140 billion mark in ICT exports for the fiscal year 2022-23, thanks to its emphasis on technology and engineering. In contrast, Pakistan’s ICT exports reached their peak at $2.6 billion in fiscal year 2021-22 but have not shown further growth since then.
According to Jawad, the main reason behind this disparity between Pakistan and India is the availability of skilled labor. India’s education system has supported the development of a skilled workforce in the technology sector, while Pakistan’s education standards have declined. He acknowledged that correcting this situation would be a long-term challenge but highlighted the potential for growth in Pakistan’s ICT sector.
To address the skills gap, Jawad suggested offering crash courses to equip underqualified graduates with the necessary skills. He also mentioned that the PBF believes Pakistan has an abundance of talent; however, the technology sector is struggling to create sufficient demand, making it challenging to attract business to the country. Additionally, there are difficulties with remitting money outside of Pakistan, reducing the incentives for companies to invest and grow within the country.
Jawad commended the efforts made by the State Bank of Pakistan in 2020, which led to higher growth in subsequent years. However, the balance of payment crisis in the previous year has eroded confidence, resulting in companies trying to keep their dollars abroad. He urged the government to address this issue, emphasizing its importance. Furthermore, a PBF official revealed that the caretaker IT minister aims to increase ICT exports to $10 billion and introduce PayPal and Stripe payment gateways to Pakistan, which is an encouraging development.
Source: [Nation](https://www.nation.com.pk)
