Pakistan’s merchandise exports experienced a positive trajectory in the financial year 2023-24 (FY24), exceeding the annual target and surpassing the previous year’s figures. According to data from the Pakistan Bureau of Statistics (PBS), exports reached $30.64 billion, reflecting a 10.54% growth compared to $27.72 billion in FY23. This positive trend comes with June 2024 seeing a 7.34% year-on-year increase to $2.53 billion but a 10.92% decline compared to May 2024.
The success of export initiatives undertaken by the caretaker government is evident in the overall achievement. Looking ahead, the ambitious target for FY24-25 aims for a 6.6% increase, reaching $32.3 billion. It’s worth noting that the highest export record was set in FY22 at $31.78 billion, followed by a decline in FY23.
While exports witnessed some fluctuations during FY24, with a dip observed between January and April, a steady rise started from July 2023 and continued into the later months. This upward trend is encouraging for the government’s long-term goal of achieving $100 billion in exports by FY28. However, it’s important to acknowledge the International Monetary Fund’s (IMF) more conservative projections, which anticipate a gradual increase to $39.46 billion by the same year.
On the import front, FY24 saw a positive development with a decrease of 0.84% compared to the previous year. The total import bill stood at $54.73 billion, falling short of the initial government estimate of $58.7 billion and the revised figure of $52 billion. The projected import target for FY2024-25 is set at $57.3 billion.
The combined effect of sustained export growth and import control resulted in a significant reduction in the trade deficit. This gap between exports and imports narrowed by 12.3% or $3.4 billion compared to FY23, reaching $24.08 billion. This positive outcome surpassed government projections by $4.5 billion and IMF forecasts by nearly $10 billion.
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