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Monday, June 24, 2024

Pakistan’s exports increased by 22.45% in the first two months of the fiscal year 2023–24, reaching Rs. 1.2 trillion.

Pakistan’s exports climbed dramatically in the first two months of the fiscal year 2023–24 (FY23–24), reaching Rs1.2 trillion. This represents a significant increase of 22.45% over the prior year.

According to data from the Pakistan Bureau of Statistics (PBS), exports hit Rs1.27 trillion between July and August 2023, a significant increase of 22.45% over the same time period in the previous year. It’s significant to note that imports fell by 2.42 percent throughout this period.

For the period of July-August in the fiscal year 2023–24, imports decreased by 2.42 percent to Rs2.3 trillion from the previous year’s figure of Rs2.4 trillion. In August 2023, imports were primarily made up of Rs180.6 billion worth of petroleum products, followed by crude oil and liquified petroleum gas.

Gains in exports are viewed as a good thing for Pakistan’s foreign exchange reserves, especially during times of economic hardship like a depreciating currency. Shehbaz Sharif, a former prime minister, has previously emphasized the significance of export-focused foreign direct investments (FDIs) for the resuscitation of the economy.

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