Export Surges, Import Drops: Dr Gohar Reports
Published on: December 29, 2023.
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Pakistan’s Trade Sector Shows Remarkable Growth, Says Minister of Commerce
ISLAMABAD: The Federal Ministry of Commerce announced on Wednesday a significant achievement in Pakistan’s trade sector, with a remarkable trade performance and year-on-year Balance of Payments (BoP) improvement of $5.6 billion.
Caretaker Minister of Commerce, Dr. Gohar Ejaz, expressed his satisfaction with the positive trade figures, stating that it showcases Pakistan’s resilience in the face of challenges. He further added, “We will continue to work towards enabling our exporters and finding new destinations for exports.”
Growth in Exports
According to the Ministry, Pakistan experienced an outstanding year-on-year increase in exports in the first 20 days of December 2023, amounting to $479 million. This reflects an impressive growth rate of 33.1 percent. The agricultural and food exports were particularly strong, with an extraordinary 109.2 percent year-on-year increase totaling $574.6 million. Major contributors to this surge include maize, corn, ethyl, alcohol, tobacco, and rice exports.
The textile sector, as well as the manufacturing and engineering sectors, also performed well, demonstrating a commendable 15 percent year-on-year increase in exports during the same period.
Decrease in Imports
Conversely, imports during the first 20 days of December 2023 saw a substantial decrease of $405 million, marking a 12.8 percent reduction compared to the previous year. This positive trend contributed to a $884 million improvement in the balance of trade for December 2023.
From July 1st, 2023, to December 20, 2023, Pakistan’s exports reached $14 billion, showcasing a remarkable year-on-year increase of $709 million and a substantial improvement of 5.3 percent. Import figures during the same period dropped to $24.3 billion, reflecting a notable year-on-year decrease of $4.9 billion, resulting in a significant improvement in the balance of trade of $5.6 billion.
Key Destinations for Exports
Pakistan’s exports witnessed a significant growth to key destinations, including Indonesia, United Arab Emirates, Madagascar, and China.
Conclusion
Pakistan’s trade sector has shown remarkable growth, with significant improvements in both exports and the balance of trade. The strong performance of the agricultural and food sectors, as well as the textile, manufacturing, and engineering sectors, has contributed to this positive trend. Pakistan continues to work towards enabling exporters and exploring new markets for its products.
Source: The News
