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Export News
02-04-2024
In March, Pakistan's exports grew by 7.99% to $2.555 billion.
Pakistan's commodity exports have seen continuous growth for the seventh consecutive month in March, albeit at a slightly moderate pace, indicating that the country's struggling economy is continuing to recover.
The Pakistan Bureau of Statistics (PBS) reported on Monday that exports in March 2024 increased by 7.99% from the same month last year, reaching $2.555 billion. This marks a significant improvement compared to the continuous decline observed in the nearly one-year period ending September 2023. Since that month (September), exports have shown an upward trend.
However, the data for March did show a slight decrease of 1.08% compared to February 2024, which stood at $2.58 billion. This positive trend, spanning seven consecutive months, began in September with a growth of 1.6%, followed by 12.84% in October, 7.7% in November, and a substantial 22.64% growth in December 2023. Continuing the upward trend, January 2024 saw a growth of 24.72%, February recorded an 18% year-on-year increase, and now March shows a 7.99% increase year-on-year.
In March 2024, imports increased from $3.755 billion in March 2023 to $4.726 billion, marking a 25.86% growth. Compared to the previous month (February 2024) with imports at $4.326 billion, goods purchased from abroad grew by 9.25% in March 2024.
The trade deficit increased by 56.3% from $1.389 billion in March 2023 to $2.17 billion in March 2024. Compared to February 2024's deficit of $1.74 billion, the gap widened by 24.56%.
Interestingly, from July to March of the fiscal year 2023-24, the total export volume amounted to $22.9 billion, showing a growth of 8.9% compared to the same period of the previous fiscal year ($21.04 billion). In contrast, imports from July to March of fiscal year 2023-24 decreased by 8.65% from the same period of the previous fiscal year ($43.72 billion) to $39.94 billion.
Consequently, the trade deficit from July to March of fiscal year 2023-24 decreased by 24.94% from $22.69 billion in the same period of the fiscal year 2023 to $17 billion.
It is worth noting that in the fiscal year 2023, Pakistan's trade deficit decreased by 43% from $48.35 billion in the fiscal year 2022 to $27.55 billion. Export volume decreased by 12.7% to $27.7 billion, and imports shrank by 31% to $55.3 billion.
If you wish to delve deeper into specific segments or regions within this dynamic market, feel free to inquire with Tendata. We are happy to assist you in understanding the export trade situation in segmented markets through comprehensive reports using export trade data relevant to your interests.
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