Pakistan’s merchandise exports increased by 10.54% to $30.64 billion in the fiscal year 2023-24 from $27.72 billion in the previous year, as reported by the Pakistan Bureau of Statistics (PBS) on Tuesday.
Export growth showed fluctuations throughout the year, turning negative from January to April but recovering in May and June.
In 2021-22, Pakistan achieved its highest-ever exports at $31.78 billion, followed by a decline to $27.54 billion the next year.
The caretaker government’s initiatives significantly boosted exports to $30.65 billion in FY24.
In June alone, exports amounted to $2.53 billion, a 7.34% increase year-on-year, although they declined by 10.92% month-on-month.
Exporter associations have expressed concerns about potential negative impacts of tax measures in the 2024-25 budget, fearing they could reduce export earnings.
Imports for FY24 decreased by 0.84% to $54.73 billion compared to $55.19 billion in FY23, while June imports rose by 17.43% year-on-year to $4.91 billion.
The trade deficit widened by 30.39% to $2.39 billion in June, but narrowed to $24.08 billion for FY24 from $27.47 billion the previous year.
The government aims to increase exports to $100 billion by FY28, although IMF projections are more conservative, forecasting gradual growth in exports over the next five years.
