Islamabad, July 2, 2024 (PkRevenue.com) – Pakistan has recorded a remarkable growth of 10.54 percent in exports during the fiscal year 2023-24, according to data released by the Pakistan Bureau of Statistics (PBS) on Tuesday. The country’s exports surged to $30.65 billion during FY24, up from $27.72 billion in the previous fiscal year.
This growth in exports is seen as a positive development for Pakistan’s economy, which has been striving to boost its foreign exchange earnings and reduce its trade deficit. The increase in export revenue is attributed to the government’s policies aimed at enhancing industrial production, expanding market access, and improving trade logistics.
On the import side, Pakistan saw a marginal decline of 0.84 percent in its import bill, which fell to $54.73 billion in FY24 from $55.20 billion in the preceding fiscal year. This slight decrease in imports, combined with the significant rise in exports, resulted in a notable contraction in the trade deficit.
The trade deficit for FY24 was recorded at $24.09 billion, a 12.32 percent reduction compared to the $27.47 billion deficit in the previous fiscal year. This contraction in the trade deficit is a positive sign for the country’s balance of payments and overall economic stability.
However, on a year-on-year (YoY) basis for June 2024, the trade deficit widened by 30 percent to $2.39 billion, up from $1.83 billion in June 2023. This increase in the monthly trade deficit was driven by a significant rise in the import bill, which grew by 17.43 percent to $4.92 billion in June 2024 compared to $4.19 billion in June 2023.
Despite the rise in imports, Pakistan also recorded a 7.34 percent increase in exports in June 2024, reaching $2.53 billion compared to $2.36 billion in June 2023. This growth in monthly exports reflects the continued efforts of exporters to capitalize on global demand and enhance market share.
On a month-on-month (MoM) basis, however, June 2024 saw a decline in exports by 11 percent, while imports showed a muted growth of 0.08 percent. This resulted in a 15.13 percent widening of the trade deficit on a MoM basis.
Overall, the impressive annual growth in exports and the slight decline in imports for FY24 highlight the effectiveness of Pakistan’s trade policies and the resilience of its export sector. As the country continues to focus on boosting exports and managing imports, further improvements in the trade balance are anticipated, contributing to economic growth and stability.