Exports grow at more than 25% for third consecutive month Trade Balance Improves in February 2023-24

ISLAMABAD, March 01 (SABAH): Pakistan’s trade balance improved in February 2023-24, narrowing by 18.2% compared to the same month in the previous fiscal year. This positive development is attributed to a significant increase in exports and a moderate rise in imports.

According to pre-PBS Customs-based data released by PRAL, exports increased by 30% to USD 2.575 billion in February 2023-24, from USD 1.984 billion in February 2022-23.The data also shows that the trade deficit narrowed to USD -1.628 billion in February 2023-24, compared to USD -1.990 billion in February 2022-23.For the period Jul-Feb 2024, the exports increased by 14.2% to USD 20.341 billion in 2023-24, from USD 17.815 billion in 2022-23. Imports decreased by 14.1% to USD 34.213 billion in 2023-24, compared to USD 39.810 billion in 2022-23. The trade balance deficit narrowed to USD -13.872 billion in 2023-24, compared to USD -21.995 billion in 2022-23, according to pre-PBS Customs-based data. The Government of Pakistan remains committed to implementing policies that promote export-oriented industries, diversify export markets, and attract foreign direct investment. These efforts are expected to further improve Pakistan’s trade balance in the coming months.

When contacted about the positive development, Dr. Gohar Ejaz, Minister for Commerce said, “This is the third consecutive month where exports are approaching 30% growth. These grew by 28% in Dec, 27% in Jan and now in Feb, they have grown by 30% year on year.” “Our exports are now diversifying as show by 15% increase in Manufacturing & Engineering exports and 70% increase in the Agri & Food exports.” Dr. Ejaz commented. He further said, “While this is a positive development, there is need for continued vigilance. We must maintain our focus on policies that boost competitiveness and streamline trade processes.”