Pakistan's exports increased by 8.93pc in 9 months: PBS

ISLAMABAD: Pakistan’s exports increased by 8.93 percent in the first nine months of the current fiscal year (2023–24) as compared to the same period in the previous year, according to data issued by the Pakistan Bureau of Statistics (PBS).

The country’s exports witnessed an increase of 8.93 percent to $22.914 billion in July-March (2023–24) compared to $21.036 billion in the same period in 2022–2023.

As compared to $43.724 billion, the country’s imports have decreased by 8.65 percent to $39.944 billion this year. According to the data, the trade deficit for the first nine months of the current fiscal year was $17.030 billion, compared to $22.688 billion for the same period last year, indicating a significant drop of 24.94 percent.

In the meantime, when comparing March 2024 exports to the same month the previous year, the country’s exports grew by 7.99 percent on an annual basis. In comparison to March 2023’s $2.366 billion in exports, the month’s exports were registered at $2.555 billion.

On the other hand, the imports during March 2024 were recorded at $4.726 billion compared to the imports of $3.755 billion in March 2023, showing an increase of 25.86 percent, according to the data.

Comparing the country’s exports to the $2.583 billion in February 2024, there was a 1.08 percent month-over-month decline. According to PBS, the country’s imports increased by 9.25% from the $4.326 billion in imports in February 2024.