Exports witnesses 30% growth in February

F.P. Report

ISLAMABAD: The exports from the country during the month of February 2024 grew by 30 percent and were recorded at $2.575 billion as against the exports of $1.984 billion in the corresponding month of the last year.

According to the Pre-Pakistan Bureau of Statistics (PBS) Customs-based data released by PRAL, the trade balance improved in February 2023-24, narrowing by 18.2 percent compared to the same month of the previous fiscal year.
This positive development is attributed to a significant increase in exports and a moderate rise in imports, it added.

The data also showed that the trade deficit narrowed to $1.628 billion in February 2023-24, compared to $1.990 billion in February 2022-23.

During the period from July-February 2023-24, the exports increased by 14.2 percent as it was recorded at $20.341 billion as compared to the exports of $17.815 billion in the same period of the last year.

Meanwhile, the imports decreased by 14.1 percent and reached $34.213 billion as compared to the imports of $39.810 billion in the same period of the last year.

The government is committed for implementing policies that promote export-oriented industries, diversify export markets, and attract foreign direct investment.

These efforts are expected to further improve trade balance in the coming months, it added. Commenting on the positive development Minister for Commerce Dr Gohar Ejaz said that exports from the country witnessed about 30 percent growth during three consecutive months as they grew by 28 percent in December, 27 percent in January and 30 percent in February.

Manufacturing and engineering exports grew by 15 percent, whereas the exports of agriculture and food commodities increased by 70 percent respectively, he added. (APP)