Pakistan’s exports have shown a massive increase in the first quarter of the financial year 2024, with exports rising by 14.1% compared to the same period last year.
According to the Pakistan Bureau of Statistics, from July to September 2024, Pakistan's total exports amounted to $7.87 billion, a rise from $6.9 billion during the same period last year. This marks an increase of $974 million, indicating a stronger export performance.
In September 2024 alone, exports rose by 13.52% compared to the same month in 2023, reaching $2.85 billion, up from $2.47 billion in September 2023. The report also noted a slight increase of 1.56% in exports in September compared to August 2024, where exports stood at $2.76 billion.
However, the country’s trade deficit continues to widen due to a sharp rise in imports. Pakistan recorded a 9.86% increase in imports during the first quarter of the financial year, with the total value reaching $13.31 billion.
This surge in imports has led to a trade deficit of $5.43 billion from July to September, a 4.24% increase compared to the previous year.
In September 2024, the import volume reached $4.88 billion, contributing to a 20.35% increase in the monthly trade deficit, which widened to $1.78 billion, compared to $1.47 billion in September 2023. The September 2024 trade deficit also grew by 1.89% compared to August 2024.
The rising trade deficit highlights the ongoing challenges Pakistan faces in balancing its trade, despite an encouraging increase in exports.
