Pakistan records 14% increase in exports

Pakistan’s exports recorded a significant 14 per cent increase in the beginning of this financial year due to the support of Special Investment Facilitation Council (SIFC).

According to the statistics, exports increased by 620 million dollars to reach 5.1 billion dollars in August.

Due to increase in exports, the country’s trade deficit has narrowed to 3.6 billion dollars from 3.751 billion dollars at the beginning of the current fiscal year.

Meanwhile, imports of high-duty items such as vehicles, home appliances, and other consumer goods such as garments, fabrics and footwear fell by 1.3 per cent in August.

With the support of SIFC, the government is considering various measures to increase domestic exports and stabilize the economy. Recently, a trade liberalization plan has been finalized to boost the country’s exports and economy.

The country’s external debt has decreased in the last few months as a result of government’s measures to strengthen the economy.

Read more: Pakistan’s ICT exports surge by 30% in two months

Pakistan’s Information and Communication Technology (ICT) export remittances have surged by 30% to US$ 584 million during the first two months of Financial Year 2024-25 (July -Aug) in comparison to US$ 449 million reported during the corresponding period last year of FY 2023-24.

According to the Ministry of Information Technology and Telecommunication in August 2024, ICT services export remittances of US$ 298 million have been received, an increase of 26.8% in comparison to US$ 235 million in August 2023.

In comparison to the previous month (July 2024), ICT services export remittances increased by US$ 12 million to reach 298 million, an increase of 4%.