Increase in Exports and decrease in imports in first three quarters

Report by Engineering Post

Export of goods from the country had witnessed an improvement of 10-6 percent and stood at US $ 25.7 billion during the first three quarters of last financial year July-April 23-24 as compared to US $ 23.2 billion worth goods exported in the same period of the previous year.

Briefly, on the other hand, imports of goods had declined though marginally by 5.3 percent to US $ 43.4 billion during the period under report as compared to US $ 45.8 billion worth goods imported during the corresponding period of July 2022-23.

The contraction in imports was mainly attributed to the moderate global commodity prices, especially of crude oil and stabilization of policies pursued domestically by the federal government.

The petroleum group holds a major share of 28.5 percent in Pakistan’s imports. However, its import bill had dipped by as much as 245.2 percent to US $ 12.3 billion during July-April 2023-24 from US $ 16.5 billion in the corresponding period of the previous year 2022-23.

Services trade deficit deteriorate by as much as 249.7 percent to US$ 1.9 billion during  July-April 2023-24  from US$ 0.5 billion  of the same period last year due to an increase  of 20.8 percent  in the import bill   to US $ 8.3 billion from US$ 6.9 billion despite  a rise of 1.2 percent  in export of services to US $ 6.4 billion..

During July-April 2023-24, IT exports reached  US$ 2.6 billion  marking an appreciable 21.4 percent increase from US$ 2.1  billion in the same period of the previous year.

A detailed report about what Pakistan exports and imports will be presented when detailed facts and figures for entire financial year 2023-24 become available in due course, please.