Sunday, July 21, 2024

Pakistan’s Exports Increase by 10.5% to Hit US$30.64 Billion in 2024

Pakistan’s trade figures for 2024 show a notable increase in exports and a slight decrease in imports, leading to a reduction in the trade deficit. The country’s exports have grown by 10.5%, reaching a total of $30.64 billion. This is a significant improvement and reflects a positive trend in Pakistan’s economic performance.

In contrast, imports have seen a marginal decline of 0.8%, amounting to $54.73 billion. The reduction in imports, coupled with the increase in exports, has helped narrow the trade deficit by 12.3%. The current trade deficit stands at $24.08 billion, showcasing a positive shift in the country’s trade balance.

However, the month of June 2024 presents a different story. Exports in June fell by 11% compared to May, totaling $2.25 billion. At the same time, imports saw a slight rise of 0.1%, reaching $4.91 billion.

This resulted in the trade deficit for June widening by 15.5% to $2.39 billion compared to the previous month.

While the annual figures suggest an overall positive trend, the monthly data indicates some fluctuations that need to be addressed.

The decline in exports in June, coupled with the slight increase in imports, highlights the need for continuous monitoring and strategic adjustments to maintain the positive momentum in Pakistan’s trade performance.

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