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Export Goals Exceeded by $30.64 Billion

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. 

 

Overseas investors eager to capitalize on this steady and promising growth are more and more choosing to do so by investing in real estate. As the demand for luxury increases, One Homes offers high-end apartments in Lahore, Islamabad, and Gwadar with amenities for miles, that will pay returns for generations to come. To find out more about what makes these properties different, or about our international partnerships, click here.

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