Pakistan’s exports witness massive growth of 33% YoY in December

December 27, 2023 (MLN): In the first 20 days of December 2023, Pakistan experienced an outstanding year-on-year increase in exports, amounting to $479 million, reflecting an impressive growth rate of 33.1%, said a press release issued yesterday.

Minister of Commerce Dr. Gohar Ejaz said that the positive trade figures and upward trend showcase Pakistan's resilience.

The minister said, "We will continue to work towards enabling our exporters and to find new destinations for exports."

Conversely, imports during the same period saw a substantial decrease of $405m, marking a -12.8% reduction.

This positive trend contributed to an $884m improvement in the balance of trade for December 2023.

Cumulatively in FYTD, from July 01, 2023, to December 20, 2023, Pakistan's exports soared to $14 billion, showcasing a remarkable year-on-year increase of $709m, translating to a substantial 5.3% improvement.

Import figures during the same period (July 01 2023 to 20 December 2023) dropped to $24.3bn from $29.2bn in FY-2022, reflecting a notable year-on-year decrease of $4.9bn.

This comes down to a year-on-year improvement in the balance of trade of $5.6bn.

Sectoral Performance:

Notably, the agricultural and food exports witnessed an extraordinary 109.2% year-on-year increase, totaling $574.6m in the first 20 days of December 2023.

This surge can be attributed to robust performances in maize, corn, ethyl, alcohol, tobacco, and rice exports.

The textile sector and manufacturing & engineering sector demonstrated a commendable 15% year-on-year increase in exports during the first 20 days of December 2023.

Top export Destinations

Pakistan's exports witnessed significant growth to key destinations, including Indonesia, United Arab Emirates, Madagascar, and China.

Minister Dr. Gohar Ejaz expressed confidence in the continuation of this upward trend, emphasizing the Ministry's commitment to fostering a conducive environment for trade and economic growth.

These achievements underscore Pakistan's resilience and competitiveness in the global market.

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