Pakistan’s Minister of Commerce, Gohar Ejaz, shared that in January, the country’s exports increased by 26.9% compared to the same period last year, reaching $2.786 billion.
Meanwhile, imports decreased by 4.5%, totaling $4.665 billion. This resulted in a significant 30% reduction in the trade deficit, which contracted to $1.879 billion.
Ejaz announced these trade figures on his social media account ‘X,’ bypassing the usual release by the Pakistan Bureau of Statistics. Over the initial seven months of the fiscal year (July-January 2023-24), total exports amounted to $17.766 billion, reflecting a 12% increase from the previous fiscal year. Imports, on the other hand, saw a decline of 16%, totaling $30 billion compared to the $35.84 billion reported the previous year.
During this seven-month period, the trade deficit saw a notable reduction of 39%, amounting to $12.24 billion from the $20 billion reported in the corresponding period last year.
Minister Ejaz highlighted these positive trends, stating that Pakistan is steadily expanding its international trade footprint. He expressed confidence in the government’s commitment to promoting trade and economic growth. Ejaz emphasized ongoing policies to support exporters, diversify the export base, and enhance trade facilitation.
He concluded by stating his confidence in Pakistan’s trajectory, stating that the country is on the right track to achieving its trade goals and becoming a leading player in the global economy.