ISLAMABAD, Pakistan: The Caretaker Minister for Commerce, Industries and Investment Dr. Gohar Ejaz announced on Tuesday that exports in December 2023 increased by 22.2% to US$ 2.812 billion from US$ 2.301 billion in December 2022.
The minister said that the increase is 9.3% with US$ 2.573 billion exports in November 2023.
Dr. Gohar Ejaz also that the said positive trend extends to imports as well which decreased by 12.25% in December 2023 to US$ 4.514 billion compared to US$ 5.144 billion in December 2022.
Looking at the broader picture, the exports in Jul-Dec 2023 witnessed continued export growth and increased by 5.2% to US$ 14.981 billion from US$ 14.244 billion during the same period in preceding year.
Notably, imports during this period saw a significant 16.28% reduction compared to the same period in 2022, falling from US$ 31.209 billion to a much lower US$ 26.129 billion. These developments translate to a substantial narrowing of the trade deficit.
In December 2023 alone, the deficit shrank by a significant 40% to US$ 1.7 billion, representing a decrease of US$ 1.141 billion compared to the previous year.
The Jul-Dec 2023 period saw an even more impressive trend, with the trade deficit shrinking by 34% to US$ 11.148 billion, down from US$ 16.965 billion in the same period last year (a decrease of US$ 5.817 billion).
Commenting on these achievements, Dr. Gohar Ejaz expressed optimism stating, “This is the record growth in past four months. When the Caretaker Government took over, the last month’s exports were US$ 2.07 billion. Alhamdolillah, these now stand at US$ 2.81 billion. Pakistan’s exports have recovered and are on a clear upward trajectory, reaching an impressive US$ 2.8 billion in December 2023.”
“Insha’Allah, we will reach our targeted capacity of US$ 3 billion per month soon. Our ultimate goal remains achieving export-led growth to the tune of US$ 8 billion per month, a target that we will pursue through the implementation of the new Industry Policy under the SIFC framework,” Dr Gohar Ejaz said.
“Ministry of Commerce remains committed to further strengthening Pakistan’s export potential and creating a conducive environment for sustainable economic growth. These positive developments are a testament to the government’s ongoing efforts and the resilience of Pakistani businesses,” he added.
