Merchandise exports witnessed an impressive growth of 25.3% during the first half of the current fiscal year compared to the same period last year, highlighting a resurgence in export-led industrial expansion. According to the Ministry of Commerce data, export proceeds surged to $1.275 billion in February from $1.017 billion reported during the same period in the previous year. Talking to WealthPK, Muhammad Ashfaq, Joint Secretary at the Ministry of Commerce, expressed optimism about the current positive trends, asserting that they signify a growth momentum expected to be sustained throughout the remaining months of FY24. Textile and apparel exports, for instance, exhibited an 8% growth, reaching $682 million, compared to $631.3 million in the corresponding period last year. The manufacturing and engineering sector experienced a vigorous export growth of 19.8%, amounting to $214.9 million this year, up from $179.5 million last year. Agriculture and food product exports surged 82.8% to $377.8 million from $206.7 million in the same period last year. Food exports demonstrated consistent growth for the past six months.

The cumulative export proceeds for the period spanning July 1, 2023 to February 15, 2024 stood at $19.041 billion, surpassing the $16.848 billion recorded during the corresponding period of the previous year. However, the sector-wise analysis revealed a slight dip of 3.3% in textile and apparel exports, which totalled $10.433 billion, compared to $10.789 billion in the corresponding period last year. In contrast, the exports of manufacturing and engineering grew 14.6% to $3.563 billion in the first seven and a half months of FY24, compared to $3.109 billion over the corresponding period last year. Similarly, agriculture and food product exports surged by an impressive 71%, reaching $5.043 billion, up from $2.949 billion in the same period last year. On the import front, the data showcased a noteworthy decline, with import values dropping by 21% to $1.859 billion in the first half of February, compared to $2.353 billion in the same period last year. The cumulative import value for the first seven and a half months of FY24 decreased 17% to $31.869 billion from $38.189 billion in the corresponding period last year. This decline in imports adds another dimension to the evolving dynamics of the country's trade landscape.

Credit: Independent News Pakistan (INP)