Pakistans Exports Surge by 30%: PBS

Pakistans Exports Surge by 30%: PBS

/ News / Pakistans Exports Surge by 30%: PBS

In February 2024, Pakistan encountered a substantial surge in exports, marking a remarkable 30% increase to $2.575 billion compared to the preceding years $1.984 billion for the same month.

Per data sourced from the Pakistan Bureau of Statistics (PBS), the trade balance demonstrated a commendable improvement during February 2023–24, contracting by 18.2% in contrast to the corresponding month in the previous fiscal year.

The provided statistics also indicate a notable reduction in the trade deficit, dwindling to $1.628 billion in February 2023-24, as opposed to the $1.990 billion recorded in February 2022-23.

Analyzing the period spanning from July to February 2023-24, exports showcased a substantial uptick of 14.2%, reaching $20.341 billion compared to the $17.815 billion reported during the same period the previous year.

Concurrently, in contrast to the preceding years import value of $39.810 billion during the corresponding period, imports saw a noteworthy decline of 14.1%, amounting to $34.213 billion.

Minister of Commerce Dr. Gohar Ejaz commented on the export trajectory, noting a consistent 30% growth over three months, with increments of 28% in December, 27% in January, and a further 30% in February.

Dr. Gohar Ejaz highlighted the diversified growth patterns within the export sectors, with manufacturing and engineering exports displaying a commendable 15% surge. Simultaneously, exports in the food and agricultural domain experienced an impressive spike, registering a notable 70% increase.