ISLAMABAD, Pakistan: The Federal Minister for Commerce, Industries and Production Dr. Gohar Ejaz has announced a remarkable surge in the Country’s international trade performance.
As the figures for the Fiscal Year 2023-24 unfold, the nation has showcased substantial progress, outshining the previous fiscal year and demonstrating robust growth. Key among the statistics is the dynamic upswing in exports.
For the month of October 2023, Pakistan’s exports soared by 13.6%, scaling up to US$ 2.707 billion as compared to US$ 2.384 billion during the same period last year. This formidable increase underlines the nation’s evolving prowess in the global market.
Alhamdulliah , some positive developments on the economic front:
> Exports increased by 13.6% to $2.707 billion.
> Imports grew by 4.9% to $4.806 billion.
> Trade deficit decreased by 4.5% to $2.099 billion.
— Dr Gohar Ejaz (@Gohar_Ejaz1) November 1, 2023
Similarly, the import figures for October 2023 revealed a 4.9% rise, reaching US$ 4.806 billion from US$ 4.581 billion in the preceding year.
Notably, despite this uptick in imports, the trade deficit witnessed a significant contraction, marking a decline of 4.5% to US$ 2.099 billion, signifying a positive trend in the trade balance for the nation.
In the broader scope of July-October 2023, the upward trajectory of exports persisted, manifesting a 0.66% rise to US$ 9.6 billion from US$ 9.5 billion in the corresponding period of the previous year.
Conversely, imports during this period showcased a considerable drop of 18.5%, plummeting to US$ 17 billion from US$ 21 billion.
As a result of this effort, the trade deficit experienced a notable reduction of 35%, narrowing down to US$ 7.416 billion from US$ 11.356 billion during the same duration last year. This decline in the trade deficit exemplifies the commendable efforts of the Ministry of Commerce in fostering a more balanced and sustainable trade landscape.
Dr. Gohar Ejaz expressed his contentment at these encouraging figures, attributing the consistent growth to the collective efforts of all stakeholders, businesses, and the government’s unwavering commitment to bolster Pakistan’s presence in the global trade arena.
” I remain dedicated to furthering these positive trends, aiming to fortify Pakistan’s position as a significant player in the international market while ensuring sustainable and inclusive economic growth,” he said.