Pakistan's exports have experienced a significant boost in the first quarter of the financial year 2024, rising by 14.1% compared to the same period last year.
According to the Pakistan Bureau of Statistics, total exports from July to September 2024 reached $7.87 billion, an increase from $6.9 billion during the corresponding period last year. This represents an increase of $974 million, indicating improved export performance.
In September 2024 alone, exports rose by 13.52% compared to September 2023, amounting to $2.85 billion, up from $2.47 billion in the same month last year. The report also noted a slight month-to-month increase of 1.56% in exports for September compared to August 2024, when exports were $2.76 billion.
However, the country’s trade deficit continues to widen due to a sharp rise in imports. During the first quarter of the financial year, Pakistan saw a 9.86% increase in imports, with the total value reaching $13.31 billion.
This surge in imports has resulted in a trade deficit of $5.43 billion from July to September, marking a 4.24% increase compared to the previous year.
In September 2024, the import volume reached $4.88 billion, contributing to a 20.35% increase in the monthly trade deficit, which grew to $1.78 billion compared to $1.47 billion in September 2023. Additionally, the trade deficit for September 2024 increased by 1.89% compared to August 2024.
The widening trade deficit underscores the ongoing challenges Pakistan faces in achieving a balanced trade, despite the positive rise in exports.
