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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