- Trade Balance Improves in February 2023-24
ISLAMABAD, Pakistan: 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 US$ 2.575 billion in February 2023-24, from US$ 1.984 billion in February 2022-23.
The data also shows that the trade deficit narrowed to US$ -1.628 billion in February 2023-24, compared to US$ -1.990 billion in February 2022-23.
For the period July-February 2024, the exports increased by 14.2% to US$ 20.341 billion in 2023-24, from US$ 17.815 billion in 2022-23.
Imports decreased by 14.1% to US$ 34.213 billion in 2023-24, compared to US$ 39.810 billion in 2022-23.
The trade balance deficit narrowed to US$ -13.872 billion in 2023-24, compared to US$ -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, the Caretaker Minister for Commerce Dr. Gohar Ejaz said, “This is the third consecutive month where exports are approaching 30% growth. These grew by 28% in December, 27% in January and now in February, 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.
The minister 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.”
