Export Soared: A Year-End Triumph in Trade

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.

Related News

shutterstock_2048252207
Analysts Predict Another Year of Growth for Pakistan’s Property Market in 2023
Experts predict that 2023 will be another year of growth for Pakistan’s real estate sector. Many new...

Group-4055-e1687891576783
UAE’s AD Ports Group Joint Venture to Invest $220 Million in Port of Karachi
Abu Dhabi’s AD Ports Group has recently signed a 50-year concession agreement with Karachi Port Trust...

First Image
ADB's $659M Boost: Charting a Prosperous Course for Pakistan
In a strategic move towards bolstering its economic resilience and fostering sustainable development,...