Business
Pakistan exports increased by 13pc to $10.8bn
Exports in October reached $2.97bn, which was $2.68bn in October 2023
Karachi: Pakistan's merchandise exports increased by 13.45 percent annually during the first four months of this fiscal year to reach 10.88 billion dollars.
According to the media report, the trend of increase from July was due to better orders from the international community and stable exchange rates.
According to the Pakistan Institute of Statistics, exports were up by 11.83 percent in July, 16 percent in August, 13.52 percent in September, and 10.64 percent in October.
Exports in October reached $2.97 billion, which was $2.68 billion in the same month last year, showing an increase of 4.90 percent monthly.
Global buyers are placing orders in Pakistan instead of Bangladesh and China to purchase garments. This situation allows Pakistani exporters to take advantage of the opportunity and gain access to the market.
In fiscal year 2024, Pakistan's exports of goods increased by 10.54 percent to reach $30.40 billion, which was recorded at $27.72 billion last year.
The data released by the Pakistan Bureau of Statistics shows that the imports between July and October in fiscal year 2024-25 increased by 5.17 percent to $17.850 billion, which was $16.97 billion last year. Imports in October declined by 8.02 percent to $4.47 billion, which was at $4.86 billion in October 2023.
Imports fell by 3.3 percent on a monthly basis, with the International Monetary Fund (IMF) forecasting a fall to $57.2 billion from $3.3 billion in fiscal 2025.
Imports were recorded at $54.73 billion in FY24, after a decline of 0.84 percent, compared to $55.19 billion in FY23.
During the first four months (July-October) of fiscal year 2025, the trade deficit has shrunk by 5.59 percent to $6.97 billion, which was $7.38 billion in the same period last year.
In October compared to the previous year, the trade deficit was recorded at $1.49 billion with a big drop of 31.09 percent.