Pakistan’s exports increase by 11.3% in July-Aug FY23

October 05, 2022

Karim Madad

Pakistan’s exports during July-August of FY23 stood at $5.1 billion compared to $4.6 billion during the same period of FY22, showing an increase of 11.3%, a report released by the Ministry of Finance said.

According to the ministry’s monthly data, the imports stood at $11.1 billion during July-August FY23 compared to $11.3 billion during July-August FY22, showing a decrease of 2.1%.

Similarly, the Current Account Deficit (CAD) during the period July-August FY23 stood at $1.9 billion compared to $2.4 billion achieved during July-August FY22,  WealthPK reported.

Likewise, the remittances during July-August FY23 were $5.2 billion compared to $5.4 billion in FY22, showing a decrease of 3.2%.

Foreign Direct Investment (FDI) during the period August 2022-23 stood at $169.5 billion compared to $229.5 billion during July-August 2021-22, showing a decrease of 26.1%.

Similarly, total foreign investment during July-August 2022-23 stood at  $144.1 million compared to $1,191.1 million realized during July-August 2021-22, showing a decrease of  87.8%.

The foreign exchange reserves as of September 28, 2021 stood at $26.037 billion, among which the SBP possessed $19.222 billion while banks $6.816 billion.

Pakistan’s total foreign exchange reserves on September 28, 2022 stood at S13.582 billion, out of which the SBP possessed $7.885 while the banks held $5.697 billion.

The exchange rate of the Pakistani rupee against the dollar on September 28, 2021 was Rs 169.97 while it was recorded at Rs 232.12 on September 28, 2022, the report added.

The Federal Board of Revenue (FBR)’s revenues during July FY22 stood at Rs.864 billion while those during July FY 23 were Rs 948 billion, showing an increase of 9.7%.

Similarly, the Public Sector Development Programme (PSDP) grant to provinces during July FY22 was Rs 25 billion against the Rs 5 billion in the same period of FY23, showing a decrease of 80%.

The finance ministry report said that the fiscal deficit during July 2022-23 was recorded at Rs 210 compared to Rs 238 billion during July 2021-22, showing a decrease of 11.7%.

The report said that agricultural credit (provisional) during July 2022-23 was Rs 226.1 billion compared to Rs 171.6 billion in July 2021-22, showing an increase of 31.8 %.

The report said that CPI (National) (Present) was 8.4% in August 2021-22, 27.3 % in August 2022-23, 8.4 % in July-August 2021-22 and 26.1 % in July-August 22022-23.

The large-scale manufacturing (LSM) in July- 2021-22 was 4.4 %, while it was -1.4 % in July 2022-23.

The report said that the incorporation of companies in July-August 2021-22 was 3,991 while it was 4,057 in July-August 2022-23.

Credit : Independent News Pakistan-WealthPk