Karachi, December 2, 2024 – Pakistan exports surged by 12.57% during the first five months of the fiscal year 2024-25 (July to November), reaching $13.69 billion, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday. This marks a notable increase compared to $12.16 billion recorded in the corresponding period of the previous fiscal year.
The improved export performance reflects increased demand for key Pakistani products in international markets. Textile goods, pharmaceuticals, and food items were among the sectors driving this growth. Exporters have also benefited from favorable government policies and a relatively stable exchange rate during the period.
On the import side, Pakistan’s import bill rose by a modest 3.90%, totaling $22.34 billion during the July-November period compared to $21.50 billion in the same period last year. The increase in imports was attributed to higher energy prices and raw material procurement for domestic industries.
The trade balance showed signs of improvement, with the deficit narrowing by 7.39% year-on-year. The trade deficit stood at $8.65 billion during the first five months of FY2024-25, compared to $9.34 billion in the corresponding period of FY2023-24.
On a month-on-month basis, however, November 2024 presented a mixed picture. The trade deficit slightly widened by 0.19% to $1.589 billion, compared to $1.586 billion in October 2024. Exports in November dropped by 5.97% to $2.80 billion, down from $2.98 billion in October. Similarly, imports fell by 3.86% to $4.39 billion, compared to $4.57 billion in the previous month.
Year-on-year, the November trade deficit contracted significantly, declining by 18.60%. Exports increased by 8.98%, while imports fell by 2.92% compared to November 2023, reflecting improved trade dynamics despite global economic challenges.
The data highlights progress in reducing the trade deficit, underscoring the need for sustained efforts to enhance export competitiveness. Industry experts stress that further diversification of export goods and exploration of non-traditional markets are essential for sustaining growth. Meanwhile, prudent import management and policy support remain key to maintaining momentum in trade balance improvement.
