The Federal Ministry of Commerce on December 27, 2023 announced remarkable trade Performance and Year-on-Year Balance of Payments (BoP) Improvement worth $5.6 billion as a significant achievement in Pakistan’s trade sector. Caretaker Minister of Commerce Dr Gohar Ejaz said that the positive trade figures and upward trend showcased Pakistan’s resilience, said a press release. The minister said, “We will continue to work towards enabling our exporters and to find new destinations for exports.”
According to the Ministry, for a Year-on-Year Increase in exports in the first 20 days of December 2023, Pakistan experienced an outstanding year-on-year increase in exports, amounting to $479 million, reflecting an impressive growth rate of 33.1 percent. On Year-on-Year decrease in imports, conversely, imports during the same period saw a substantial decrease of $405 million, marking a -12.8 percent reduction.
This positive trend contributed to an $884 million improvement in the balance of trade for December 2023. According to the data, from July 01, 2023, to December 20, 2023, Pakistan’s exports soared to $14 billion, showcasing a remarkable year-on-year increase of $709 million, translating to a substantial 5.3 percent improvement. http://tinyurl.com/35s8hw3d
Source: IBP