Boost in export, decline in import taking place: Dr Gohar

ISLAMABAD: The Federal Ministry of Commerce on Wednesday announced remarkable trade performance and year-on-year Balance of Payments (BoP) improvement of $5.6 billion as a significant achievement in Pakistan’s trade sector.

Caretaker Minister of Commerce Dr Gohar Ejaz said that the positive trade figures and upward trend showcased Pakistan’s resilience, said a press release issued here.

The minister said, “We will continue to work towards enabling our exporters and to find new destinations for exports.” According to the Ministry, for a year-on-year increase in exports in the first 20 days of December 2023, Pakistan experienced an outstanding year-on-year increase in exports, amounting to $479 million, reflecting an impressive growth rate of 33.1 percent.

On year-on-year decrease in imports, conversely, imports during the same period saw a substantial decrease of $405 million, marking a 12.8 percent reduction. This positive trend contributed to a $884 million improvement in the balance of trade for December 2023. According to the data, from July 1st, 2023, to December 20, 2023, Pakistan’s exports soared to $14 billion, showcasing a remarkable year-on-year increase of $709 million, translating to a substantial 5.3 percent improvement.

Import figures during the same period (1st July, 2023 to 20th December, 2023) dropped to $24.3 billion from $29.2 billion in FY-2022, reflecting a notable year-on-year decrease of $4.9 billion. This comes down to a year-on-year improvement in the balance of trade of $5.6 billion. According to sectoral performance, agricultural and food exports witnessed an extraordinary 109.2 percent year-on-year increase, totaling $574.6 million in the first 20 days of December 2023. This surge can be attributed to robust performances in maize, corn, ethyl, alcohol, tobacco, and rice exports.

The textile sector and manufacturing and engineering sectors demonstrated a commendable 15 percent year-on-year increase in exports during the first 20 days of December 2023.

Pakistan’s exports witnessed a significant growth to key destinations, including Indonesia, United Arab Emirates, Madagascar and China.