Pakistan’s caretaker Minister for Commerce and Industries, Dr. Gohar Ejaz, recently shared positive news regarding the country’s trade performance. In January 2024, Pakistan witnessed a notable surge in revenue from exports, totaling $2.786 billion. This figure represents a significant increase of 26.9% compared to the same month in the previous year.
Increasing exports, decreasing imports
Pakistan demonstrated fiscal prudence by reducing its imports, spending $4.665 billion in January 2024. This reflects a 4.5% decrease compared to the corresponding period in 2023. The combination of increased export earnings and reduced import expenditures indicates a favorable trade balance for Pakistan.
From July 2023 to January 2024, Pakistan continued to excel in international trade, generating $17.766 billion from exports. This marks a substantial growth of 12% compared to the same period in the previous year. The Ministry of Commerce in Pakistan shared these encouraging statistics, highlighting the nation’s resilience in global markets.
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During this timeframe, Pakistan’s imports decreased by 16%, contributing to a 39% reduction in the trade deficit compared to the previous year. In January 2024 alone, exports surged by nearly 27% compared to the same month in the previous year, showcasing the country’s sustained momentum in international trade.
The positive trends in both export earnings and import reductions underscore Pakistan’s successful navigation of global trade dynamics, fostering economic growth and enhancing its international standing.
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