Tuesday, June 25, 2024

Pakistan’s Exports Likely to Hit $31 Billion in Current Fiscal Year

Pakistan’s exports are projected to grow by more than ten percent, reaching around $31 billion for the fiscal year 2023-24, up from $27.735 billion in 2022-23.

Despite experiencing a 6.32% decline in exports during the months of July and August, there has been a strong recovery. In the first eleven months of the fiscal year, exports surged by 10.65%, totaling $28.070 billion. Meanwhile, imports decreased by 2.37%, which has helped to narrow the trade deficit by 15.25%.

This growth in exports can be attributed to a strategic focus on key markets such as China and Saudi Arabia, as well as efforts to explore new markets, including those in Africa. As a result, Pakistan has seen significant increases in its export figures. Notably, food exports have skyrocketed by 45.61%, with substantial increases in the export of rice, pulses, and oil seeds.

The United States, China, and the United Kingdom have emerged as the top destinations for Pakistani exports. The country’s improved trade performance underscores the positive impact of targeted market strategies and diversification of export goods.

By prioritizing key markets and expanding into new ones, Pakistan has managed to boost its exports significantly, despite early setbacks in the fiscal year. This upward trend in exports is expected to continue, contributing to the overall economic growth and stability of the country.

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