Pakistan’s Exports Rise by 11.83% in July 2024

Pakistan’s exports experienced a significant boost of 11.83% in July 2024, marking a promising start to the fiscal year 2024-25. According to the latest data released by the Pakistan Bureau of Statistics (PBS) on Friday, the country’s exports in July 2024 were recorded at $2.308 billion, compared to $2.064 billion in the same month last year.

Despite this positive growth in exports, the country also saw a notable rise in imports. The imports for July 2024 reached $4.256 billion, up by 15.30% from $3.691 billion in July 2023. This surge in imports has resulted in an increased trade deficit, which was recorded at $1.948 billion for July 2024, reflecting a 19.71% increase from the deficit of $1.627 billion in the previous year.

On a month-on-month basis, there was a decline in exports by 9.77% from $2.558 billion in June 2024. Similarly, imports also decreased by 14.27% from $4.964 billion in June 2024, as reported by PBS.

Furthermore, the export of services for the fiscal year 2023-24 saw a modest increase of 2.7%, amounting to $7.806 billion, up from $7.595 billion the previous year. Conversely, the import of services grew by 17.14%, reaching $10.119 billion from $8.638 billion last year. Consequently, the services trade deficit for July-June (2023-24) was recorded at $2.313 billion, showing a sharp increase of 121.76% compared to the deficit of $1.043 billion in the previous fiscal year.