ISLAMABAD-The Ministry of Commerce has introduced important achievements in Pakistan’s commerce sector amid enchancment within the stability of commerce of $5.6 billion.
Commerce Minister Dr Gohar Ejaz mentioned that the optimistic commerce figures and upwards development showcase Pakistan’s resilience. The minister mentioned, “We’ll proceed to work in direction of enabling our exporters and to seek out new locations for exports.”
Yr-on-Yr EnhanceÂ
in Exports
Within the first 20 days of December 2023, Pakistan skilled an excellent year-on-year enhance in exports, amounting to $479 million, reflecting a powerful development charge of 33.1 %.
Yr-on-Yr Lower in Imports
Conversely, imports throughout the identical interval noticed a considerable lower of $405 million, marking a 12.eight % discount. This optimistic development contributed to an $884 million enchancment within the stability of commerce for December 2023.
Export Milestone from July to December 2023
From July 1, 2023, to December 20, 2023, Pakistan’s exports soared to $14 billion, showcasing a exceptional year-on-year enhance of $709 million, translating to a considerable 5.three % enchancment.
Import Decline within the Identical Interval
Import figures throughout the identical interval (1 July 2023 to 20 December 2023) dropped to $24.three billion from $29.2 billion in FY-2022, reflecting a notable year-on-year lower of $4.9 billion. This comes right down to a year-on-year enchancment within the stability of commerce of $5.6 billion.
Sectoral Efficiency
 Agricultural and meals exports: Notably, the agricultural and meals exports witnessed a unprecedented 109.2 % year-on-year enhance, totaling $574.6 million within the first 20 days of December 2023. This surge will be attributed to strong performances in maize, corn, ethyl, alcohol, tobacco, and rice exports. Textile and manufacturing and engineering sectors: The textile sector and manufacturing and engineering sector demonstrated a commendable 15 % year-on-year enhance in exports in the course of the first 20 days of December 2023.
Prime export Locations
Pakistan’s exports witnessed important development to key locations, together with Indonesia, United Arab Emirates, Madagascar, and China. Minister Dr Gohar Ejaz expressed confidence within the continuation of this upward development, emphasising the ministry’s dedication to fostering a conducive surroundings for commerce and financial development. These achievements underscore Pakistan’s resilience and competitiveness within the world market.