Exports remain robust, rise 27% in Jan
Trade gap contracts nearly $8b in first seven months of FY24

Federal Minister of Interior, Commerce and Industries Dr Gohar Ejaz has announced that Pakistan’s exports remained highly positive in January 2024 as shipments to overseas markets increased 26.9% to $2.786 billion as compared to $2.195 billion in January 2023.
Imports, however, decreased 4.5% to $4.665 billion in January against $4.884 billion in the corresponding month of last year. Consequently, the country’s trade deficit significantly narrowed to $1.879 billion in January as compared to $2.689 billion in January last year.
“This is a substantial improvement from last year,” the commerce minister remarked while citing the contraction in trade gap, according to a statement issued by the Ministry of Commerce on Thursday.
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Overall, in the first seven months (July-January) of FY24, Pakistan’s trade performance remained “robust”. Trade figures for the seven months showed that Pakistan was steadily expanding its international footprint, it said. Exports amounted to $17.766 billion in Jul-Jan FY24, up 12% from $15.831 billion during the same period of the previous fiscal year.
Imports contracted 16% to $30.010 billion in the seven months under review as compared to $35.836 billion in the same period of last year. As a result, the trade deficit shrank 39% to $12.244 billion, significantly lower than the gap of $20.005 billion in the previous year.
In absolute terms, during Jul-Jan FY24, exports increased almost $2 billion while imports went down about $6 billion and trade deficit contracted $7.8 billion.
The minister said, “I am confident that Pakistan is on the right track to achieve its trade goals and become a leading player in the global economy.”
Published in The Express Tribune, February 2nd, 2024.
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