In the initial two months of the fiscal year 2023-24 (FY23-24), Pakistan has witnessed a substantial increase in its exports, surging to Rs1.2 trillion. This represents an impressive growth of 22.45 percent when compared to the previous year.
Data provided by the Pakistan Bureau of Statistics (PBS) indicates that between July and August 2023, exports reached a total of Rs1.27 trillion, demonstrating a significant increase of 22.45 percent compared to the corresponding period in the previous year. Notably, there was a decrease of 2.42 percent in imports during this period.
In August 2023, there was a remarkable year-on-year increase in exports, totaling Rs695.1 billion, reflecting a growth of 26.75 percent. The leading export commodity during this month was knitwear, with a value of Rs117.8 billion. For the cumulative period of July-August in the fiscal year 2023-24, imports decreased by 2.42 percent, amounting to Rs2.3 trillion, compared to the figure of Rs2.4 trillion from the previous year.
In August 2023, imports primarily consisted of petroleum products worth Rs180.6 billion, followed by crude oil and liquefied natural gas (LNG) at Rs119.4 billion and Rs89.8 billion, respectively. In a year-on-year comparison, August 2023 imports decreased by 0.5 percent compared to August 2022. However, when compared to July 2023, there was a substantial increase of 27.79 percent in imports in August 2023.
These positive export gains are considered a significant development for bolstering Pakistan’s foreign exchange reserves, particularly in the face of economic challenges such as a depreciating currency. Former Prime Minister Shehbaz Sharif had previously emphasized the importance of export-oriented foreign direct investments (FDIs) as a means of facilitating economic recovery.