SIFC-driven initiatives propel Pakistan’s exports to new heights

05 August 2024

Published in: Pakistan Today

Pakistan’s exports experienced a remarkable surge in the fiscal year 2023-2024, largely thanks to the efforts of the Special Investment Facilitation Council (SIFC), according to recent data from the Pakistan Bureau of Statistics (PBS).

Exports of goods increased by 10.54%, reaching $30.64 billion, compared to the previous year. In contrast, imports saw a modest decrease of 0.84%, falling from $55.19 billion to $54.73 billion, signaling a positive shift for economic stability.

A standout achievement was the 20% rise in meat and meat product exports, which hit a record high of $512 million. The SIFC, along with the Ministry of Commerce, was instrumental in opening new markets for these products in Jordan, Uzbekistan, Lebanon, and Egypt.

In the agricultural sector, agro-exports saw an unprecedented increase of 37%, climbing from $5.8 billion to $8 billion. This growth includes rice exports valued at $3.8 billion, sesame seeds at $410 million, corn at $421 million, and onions at $224 million. This surge puts Pakistan’s agricultural sector on track to potentially reach a $10 billion export target this year.

The IT sector also made a significant impact, with IT services exports generating $2.925 billion in foreign exchange over 11 months. Notable gains were observed in computer services exports, which grew by 26.72%, software consultancy by 13.57%, and hardware consultancy by 17.12%.