Exports increase by 8.93 % to $22.914 bln in 9 months

Islamabad: The exports from the country witnessed an increase of 8.93 percent during the first 9 months of the current fiscal year (2023-24) compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported.

According to the latest PBS data, exports from the country increased up to $22.914 billion during July-March (2023-24) as against the exports of $21.036 billion in July-March (2022-23), showing a growth of 8.93 percent.

On the other hand, imports into the country declined by 8.65 percent to $39.944 billion this year against the imports of $43.724 billion last year.

Based on the figures, the trade deficit during the first 9 months of the current fiscal year was recorded at $17.030 billion against the deficit of $22.688 billion last year, showing a sharp decline of 24.94 percent.

Meanwhile, on a year-on-year basis, the exports from the country increased by 7.99 percent in March 2024 compared to the exports of the same month of last year. The exports during the month were recorded at $2.555 billion as against the exports of $2.366 billion in March 2023.

On the other hand, the imports during March 2024 were recorded at $4.726 billion compared to the imports of $3.755 billion in March 2023, showing an increase of 25.86 percent, according to the data.

On a month-on-month basis, the exports from the country decreased by 1.08 percent when compared to the exports of $2.583 billion during February 2024. The imports into the country went up by 9.25 percent when compared to the imports of $4.326 billion in February 2024, PBS reported.