Trade Balance Surges by $5.6 Billion, Boosting Economic Outlook
Published on: December 28, 2023.
Filed under:
Pakistan’s International Trade Sees Remarkable Improvement: Minister of Commerce
Pakistan has achieved significant progress in international trade, with its year-on-year balance of payments increasing by $5.6 billion, according to Minister of Commerce Dr Gohar Ejaz. In a statement released by the Ministry of Commerce, Ejaz emphasized that the positive trade figures and upward trend demonstrate Pakistan’s resilience. He also pledged to support exporters in finding new markets for their products.
Increase in Exports
In the first 20 days of December 2023, Pakistan witnessed a notable rise in exports, with a year-on-year increase of $479 million, representing a growth rate of 33.1%. Agricultural and food exports played a significant role in this achievement. This sector experienced a remarkable 109.2% year-on-year growth, reaching $574.6 million during the same period. The increase was led by strong performances in exports of maize, corn, ethyl, alcohol, tobacco, and rice.
The textile, manufacturing, and engineering sectors also contributed to the growth of exports. Between December 1 and 20, 2023, these sectors saw a 15% increase in exports.
Decrease in Imports
In contrast to the positive export figures, imports during the same period saw a substantial decrease of $405 million, or 12.8%. From July 1, 2023, to December 20, 2023, imports dropped to $24.3 billion, compared to $29.2 billion in the corresponding period of the previous fiscal year. This reflects a notable decrease of $4.9 billion in imports.
Overall Improvement in Balance of Trade
These developments in export and import figures have resulted in a remarkable improvement of $5.6 billion in Pakistan’s balance of trade since the beginning of the current fiscal year in July. The balance of trade stands at a positive level due to the increase in exports and decrease in imports.
Top Export Destinations
Indonesia, the United Arab Emirates, Madagascar, and China were the top export destinations for Pakistan. The volume of shipments to these countries witnessed significant growth, contributing to the overall positive trade statistics.
Overall, Pakistan’s international trade achievements highlight its resilience and potential for further growth in the global market. The Ministry of Commerce remains committed to supporting exporters and finding new markets for their products.
Source: The Express Tribune
