Exports surge by over 25% for the third consecutive month

Pakistan’s trade balance witnessed a significant improvement in February 2023-24, with a remarkable 18.2% narrowing compared to the corresponding month in the previous fiscal year. This positive shift is credited to a notable surge in exports coupled with a moderate increase in imports.

Ministry of Commerce while referring to preliminary data released by the Pakistan Revenue Automation Limited (PRAL) claims, exports soared by 30%, reaching $ 2.575 billion in February 2023-24, compared to $ 1.984 billion in February 2022-23.

The data further reveals that the trade deficit contracted to $ -1.628 billion in February 2023-24, down from $1.990 billion recorded in February 2022-23.

For the period spanning July to February 2024, exports witnessed a robust 14.2% growth, amounting to $ 20.341 billion in 2023-24, compared to $ 17.815 billion in 2022-23. Conversely, imports experienced a decline of 14.1%, totaling USD 34.213 billion in 2023-24, down from $ 39.810 billion in 2022-23. The trade balance deficit notably narrowed to $ 13.872 billion in 2023-24, as opposed to $21.995 billion in 2022-23, based on preliminary Customs-based data.