ISLAMABAD, AUGUST 2: ISLAMABAD Data issued by the Pakistan Bureau of Statistics (PBS) on Thursday shows that Pakistan’s merchandise exports increased 11.83 per cent to $2.31 billion in the first month of the current fiscal year from $2.06 billion in the same month previous year.
Month over month, exports decreased by 9.77 percent from June.
Exports increased 10.54 percent to $30.64 billion in FY24 from $27.72 billion the year before. From July 2023, exports rose continuously until January, when they began to decline. This downward trajectory continued till April. Following a brief setback, growth picked up speed in May and carried over into June.
With a whopping $31.78 billion in exports in 2021–2022, the nation had its best export levels ever. But the next year showed a decrease, with $27.54 billion in exports. Exporter groups have alerted the authorities to the possible adverse effects of the tax policies delineated in the 2024–25 budget. They think that the country’s export revenue may decrease as a result of these actions.
PBS data shows that imports increased by 15.30 percent to $4.25 billion in July from $3.69 billion in the same month the previous year. But month over month, imports fell 14.27 percent.
Imports decreased by 0.84 percent to $54.73 billion in FY24 from $55.19 billion in FY23.
The trade imbalance increased from $1.63 billion to $1.95 billion in July, a 19.71 percent increase.
The trade deficit decreased from $27.47 billion in FY23 to $24.08 billion in FY24.
