Pakistan’s trade balance witnessed improvement in February 2023-24, marking an 18.2% reduction compared to the same period in the previous fiscal year. This positive trend is attributed to a notable increase in exports coupled with a moderate rise in imports.
According to pre-PBS Customs-based data released by PRAL, exports surged by 30% to USD 2.575 billion in February 2023-24, compared to USD 1.984 billion in February 2022-23.
Concurrently, the trade deficit narrowed to USD -1.628 billion in February 2023-24, showing improvement from USD -1.990 billion in February 2022-23.
For the period spanning Jul-Feb 2024, exports recorded a 14.2% increase, reaching USD 20.341 billion in 2023-24, compared to USD 17.815 billion in 2022-23. Conversely, imports experienced a decline of 14.1%, amounting to USD 34.213 billion in 2023-24, as opposed to USD 39.810 billion in 2022-23.
Consequently, the trade balance deficit narrowed to USD -13.872 billion in 2023-24, showcasing a significant improvement from USD -21.995 billion in 2022-23, as per pre-PBS Customs-based data.
The Government of Pakistan reaffirms its commitment to implementing policies aimed at promoting export-oriented industries, diversifying export markets, and attracting foreign direct investment. These endeavors are anticipated to further bolster Pakistan’s trade balance in the forthcoming months.
Dr. Gohar Ejaz, Minister for Commerce, highlighted the consecutive growth in exports over the past three months, with a noteworthy surge of 30% in February. Dr. Ejaz emphasized the diversification of exports, particularly citing a 15% increase in Manufacturing & Engineering exports and a remarkable 70% increase in Agri & Food exports.
