SIFC initiatives fuel massive surge in Pakistan’s exports

While exports increased, imports saw a slight decrease of 0.84%, shows PBS data

ISLAMABAD:

Pakistan achieved a remarkable boost in its exports during the fiscal year 2023-2024, driven by the efforts of the Special Investment Facilitation Council (SIFC), according to data released by the Pakistan Bureau of Statistics (PBS),

The country's export of goods soared by 10.54%, reaching $30.64 billion, compared to the previous year.

While exports increased, imports saw a slight decrease of 0.84%, dropping from $55.19 billion to $54.73 billion, a positive sign for economic growth.

A significant highlight was the 20% increase in meat and meat product exports, which reached $512 million, the highest level ever recorded. The SIFC and the Ministry of Commerce played a crucial role in opening new markets for meat exports in Jordan, Uzbekistan, Lebanon, and Egypt.

In the agricultural sector, agro-exports saw a historic surge, growing by 37% from $5.8 billion to $8 billion. This included rice exports at $3.8 billion, sesame seeds at $410 million, corn at $421 million, and onion exports at $224 million.

This growth positions Pakistan's agricultural sector to potentially achieve a $10 billion export target this year.

The IT sector also contributed significantly, with IT services exports bringing in $2.925 billion in foreign exchange over 11 months. There were notable increases in computer services exports by 26.72%, software consultancy by 13.57%, and hardware consultancy by 17.12%.