In a resounding testament to Pakistan’s economic resilience, the first 20 days of December 2023 marked an outstanding year-on-year surge in exports, soaring to $479 million at an impressive growth rate of 33.1%. Minister of Commerce Dr. Gohar Ejaz hailed these positive trade figures as a testament to Pakistan’s enduring strength.
“We will continue to work towards enabling our exporters and finding new destinations for exports,” stated Minister Ejaz, highlighting the commitment to sustained growth. Conversely, imports during the same period experienced a substantial decrease of $405 million, reflecting a notable -12.8% reduction.
This positive trend contributed to a remarkable $884 million improvement in the balance of trade for December 2023. Cumulatively in FYTD (July 01, 2023, to December 20, 2023), Pakistan’s exports reached $14 billion, showcasing a remarkable year-on-year increase of $709 million, reflecting a substantial 5.3% improvement.
Import figures during the same period dropped to $24.3 billion from $29.2 billion in FY-2022, marking a notable year-on-year decrease of $4.9 billion. This resulted in a significant year-on-year improvement in the balance of trade by $5.6 billion.
Sector-wise, agricultural and food exports witnessed an extraordinary 109.2% year-on-year increase, totaling $574.6 million. The textile and manufacturing & engineering sectors demonstrated a commendable 15% year-on-year increase in exports during the same period.
Top export destinations, including Indonesia, the United Arab Emirates, Madagascar, and China, witnessed significant growth. Minister Dr. Gohar Ejaz expressed confidence in the continuation of this upward trend, emphasizing the Ministry’s commitment to fostering a conducive environment for trade and economic growth.
These achievements underscore Pakistan’s resilience and competitiveness in the global market, marking a triumphant conclusion to the year in trade dynamics.