Commerce Ministry announces BoP improvement of $5.6b

ISLAMABAD: The Federal Ministry of Commerce on Wednesday announced remarkable trade Performance and Year-on-Year Balance of Payments (BoP) Improvement worth $5.6 billion as a significant achievement in Pakistan’s trade sector.

Caretaker Minister of Commerce Dr. Gohar Ejaz said that the positive trade figures and upward trend showcased Pakistan’s resilience, said a press release issued here.

The minister said, “We will continue to work towards enabling our exporters and to find new destinations for exports.”

According to the Ministry, for a Year-on-Year Increase in exports in the first 20 days of December 2023, Pakistan experienced an outstanding year-on-year increase in exports, amounting to $479 million, reflecting an impressive growth rate of 33.1 percent.

On Year-on-Year decrease in Imports, conversely, imports during the same period saw a substantial decrease of $405 million, marking a -12.8 percent reduction.

This positive trend contributed to an $884 million improvement in the balance of trade for December 2023.

According to the data, from July 1st, 2023, to December 20 th, 2023, Pakistan’s exports soared to $14 billion, showcasing a remarkable year-on-year increase of $709 million, translating to a substantial 5.3 percent improvement.

Import figures during the same period (1 July 2023 to 20 December 2023) dropped to $24.3 billion from $29.2 billion in FY-2022, reflecting a notable year-on-year decrease of $4.9 billion.This comes down to a year-on-year improvement in the balance of trade of $5.6 Billion.

According to sectoral performance, agricultural and food exports witnessed an extraordinary 109.2 percent year-on-year increase, totaling $574.6 million in the first 20 days of December 2023. This surge can be attributed to robust performances in maize, corn, ethyl, alcohol, tobacco, and rice exports.

The textile sector and manufacturing and engineering sector demonstrated a commendable 15 percent year-on-year increase in exports during the first 20 days of December 2023.

The top export destinations Pakistan’s exports witnessed significant growth to key destinations, including Indonesia, United Arab Emirates, Madagascar and China.

The minister expressed the confidence in the continuation of this upward trend, emphasizing the Ministry’s commitment to fostering a conducive environment for trade and economic growth. These achievements underscore Pakistan’s resilience and competitiveness in the global market, he told.