Pakistan's exports have shown a sharp increase of 14% at the start of the current fiscal year, aided by the Special Investment Facilitation Council (SIFC). According to the Pakistan Bureau of Statistics, the country's merchandise exports grew to $5.1 billion in August 2024, marking a $620 million increase compared to the same period last year. This export growth has contributed to a reduction in Pakistan's trade deficit, which decreased by 4.2% to $3.6 billion in the early months of fiscal year 2024-25, down from $3.751 billion. The government's strategic initiatives, supported by SIFC, have played a crucial role in this economic turnaround.

A new trade liberalization plan has been finalized, aiming to boost exports and stimulate economic growth through innovation. Imports of high-duty items such as vehicles, household appliances, and essential goods like garments, fabrics, and shoes saw a 1.3% year-on-year decline in August. The government continues to explore various measures to further strengthen the national economy and increase exports with SIFC's assistance. These efforts, coupled with the Prime Minister's initiative to provide financial incentives to industrialists, are expected to bring stability to the economy. Recent months have also witnessed a reduction in Pakistan's external debt, attributed to the government's economic stabilization measures.

Credit: Independent News Pakistan