In a promising economic development, Pakistan's exports witnessed a substantial surge in December 2023, according to provisional figures released by the Pakistan Bureau of Statistics (PBS). The data indicates a noteworthy increase, marking a positive trajectory for the country's trade performance. The provisional statistics reveal that exports from Pakistan in December 2023 amounted to Rs799.58 billion, showing a robust growth of 8.86% compared to November 2023, where the figure stood at Rs734.54 billion. Furthermore, the December 2023 exports recorded an impressive 54.59% surge when compared to the same month in the previous year, which saw exports totalling Rs517.24 billion. In terms of US dollar, the export figure for December 2023 reached $2.822 billion (provisional), indicating an increase of 9.68% compared to November 2023, when exports were at $2.573 billion.

The growth is even more substantial when compared to December 2022, witnessing a remarkable 22.64% increase from $2.301 billion. The export performance for the first half of the fiscal year 2023-24 (July-December) also reflects a positive trend. Exports during this period totalled Rs4,300,752 million (provisional), showcasing a significant surge of 35.33% compared to the corresponding period the previous year, where the exports amounted to Rs3,177,893 million. Similarly, in terms of US dollar, the exports from July to December 2023 reached $14.991 billion (provisional), marking a 5.24% increase from the same period the previous fiscal year when exports stood at $14.244 billion. Shahid Javed, a senior economist at the State Bank of Pakistan, told WealthPK that the positive momentum in exports was expected to contribute significantly to Pakistan's economic growth and stability.

“The surge in Pakistan's exports, as evidenced by the impressive growth figures in December 2023, reflects a robust and resilient economy.” He said healthy increases in both local currency and US dollar terms signified a positive trend, indicating a strengthened position in the global market. “The diversified range of main export commodities, led by items like rice, knitwear and readymade garments, underscores the country's competitiveness in various sectors.” “The noteworthy growth in the first half of the current fiscal year is a testament to the effectiveness of the economic policies and trade strategies. As we navigate a complex global economic landscape, sustaining this upward trajectory will require continuous efforts to enhance competitiveness, explore new markets, and invest in technological advancements,” stressed Javed.

Credit: Independent News Pakistan (INP)