Pakistan’s exports are expected to reach $31 billion this fiscal year

Pakistan’s exports are projected to grow by over ten percent, reaching approximately $31 billion for the fiscal year 2023-24, up from $27.735 billion in 2022-23.

Despite a 6.32% decline in exports during July and August, a strong recovery followed. In the first eleven months of the fiscal year, exports surged by 10.65%, totaling $28.070 billion. Meanwhile, imports decreased by 2.37%, helping to narrow the trade deficit by 15.25%.

This export growth is due to a strategic focus on key markets like China and Saudi Arabia, along with efforts to explore new markets in Africa. Consequently, Pakistan has seen significant increases in its export figures. Notably, food exports have soared by 45.61%, with substantial increases in the export of rice, pulses, and oil seeds. The United States, China, and the United Kingdom have emerged as the top destinations for Pakistani exports. The country’s improved trade performance underscores the positive impact of targeted market strategies and diversification of export goods.

By prioritizing key markets and expanding into new ones, Pakistan has significantly boosted its exports despite early setbacks in the fiscal year. This upward trend in exports is expected to continue, contributing to the country’s overall economic growth and stability.

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