In a positive development Pakistan's exports rise significantly
During the first two months of fiscal year 2023-24 (FY23-24), Pakistan's exports surged impressively by 22.45 percent, reaching a total of Rs1.27 trillion.
According to data released by the Pakistan Bureau of Statistics (PBS), between July and August 2023, Pakistan's exports stood at Rs1.27 trillion, marking a significant 22.45 percent increase compared to the same period in the previous year.
Meanwhile, in August 2023 alone, exports witnessed a year-on-year growth of 26.75 percent, reaching Rs695.1 billion, compared to Rs548.4 billion in August 2022. On a month-to-month basis, exports also rose by 19.62 percent when compared to the July 2023 figures of Rs581.1 billion.
The leading export category was knitwear, totaling Rs117.8 billion. Conversely, imports during July-August 2023-24 experienced a slight decrease of 2.42 percent, totaling Rs2.3 trillion. In contrast, during the same period in the previous year, Pakistan's imports were recorded at Rs2.4 trillion.
Specifically, in August 2023, Pakistan imported petroleum products worth Rs180.6 billion, followed by crude oil and liquefied natural gas (LNG) valued at Rs119.4 billion and Rs89.8 billion, respectively.
On a year-on-year basis, August 2023 imports showed a modest 0.5 percent decrease compared to August 2022. However, on a month-to-month basis, imports surged by 27.79 percent in August 2023 compared to the Rs1.04 billion recorded in July 2023.
The noteworthy increase in exports is promising, as it will contribute to replenishing the country's dwindling foreign exchange reserves, addressing the economic challenges posed by the depreciating rupee.
It's worth noting that former Prime Minister Shehbaz Sharif emphasized the significance of export-oriented foreign direct investments (FDIs) as a key factor in economic revitalization earlier in June this year.