In the first two months of the fiscal year 2023-24 (FY23-24), Pakistan’s exports have increased significantly to reach Rs1.2 trillion. This marks a notable growth of 22.45 percent compared to the previous year.
Data from the Pakistan Bureau of Statistics (PBS) reveals that between July and August 2023, exports reached Rs1.27 trillion, showing a substantial 22.45 percent rise compared to the same period in the previous year. Importantly, imports decreased by 2.42 percent during this time.
In August 2023, there was a remarkable year-on-year export increase of 26.75 percent, totaling Rs695.1 billion. Knitwear was the leading export commodity, amounting to Rs117.8 billion. For the period of July-August in the fiscal year 2023-24, imports decreased by 2.42 percent to Rs2.3 trillion compared to the previous year’s figure of Rs2.4 trillion.
In August 2023, imports mainly consisted of Rs180.6 billion worth of petroleum products, followed by crude oil and liquified natural gas (LNG) at Rs119.4 billion and Rs89.8 billion, respectively. In a year-on-year comparison, August 2023 imports decreased by 0.5 percent compared to August 2022. However, compared to July 2023, August 2023 imports increased by 27.79 percent.
These export gains are seen as a positive development to boost Pakistan’s foreign exchange reserves, especially during economic challenges such as a declining currency value. Former Prime Minister Shehbaz Sharif had previously stressed the importance of export-oriented foreign direct investments (FDIs) for economic recovery.