ISLAMABAD: Pakistan’s merchandise exports rose 11.83 per cent to $2.31 billion in the first month of the new fiscal year from $2.06bn in the corresponding month last year, according to data released by the Pakistan Bureau of Statistics (PBS) on Thursday.
On a month-on-month basis, exports saw a decline of 9.77pc from June.
In FY24, exports rose 10.54pc to $30.64bn from $27.72bn in the preceding year. Exports increased steadily from July 2023 until they turned negative in January. This negative trend persisted until April. After a temporary setback, growth regained momentum in May and continued into June.
The country witnessed its highest-ever exports in 2021-22, reaching a staggering $31.78bn. However, the following year saw a decline, with exports dropping to $27.54bn.
Trade gap widens 19pc to $1.95bn
Exporter associations have cautioned the government about the potential negative impact of the tax measures outlined in the budget 2024-25. They believe these steps could result in a decline in the country’s export earnings.
Trade deficit
According to the PBS data, imports recorded a growth of 15.30pc to $4.25bn in July from $3.69bn in the same month last year. However, on month-on-month, the imports declined 14.27pc.
In FY24, imports fell by 0.84pc to $54.73bn compared to $55.19bn in FY23.
The trade deficit in July widened by 19.71pc to $1.95bn from $1.63bn over the last year.
In FY24, the trade gap narrowed to $24.08bn in FY24 from $27.47bn over the preceding year.
Published in Dawn, August 2nd, 2024
