Pakistan Exports / Imports - Updates

[ghazi52]

Fruit exports soar by 9.31%, hitting $171 mln in 1st half​

The Frontier Post

ISLAMABAD: Pakistan’s fruit exports surged by 9.31 percent in the initial half of the ongoing fiscal year compared to the same period last year, Pakistan Bureau of Statistics (PBS) reported.

According to PBS data, fruit exports reached to $171.280 million from July to December (2023-24), showcasing a notable increase from the exports of $156.692 million recorded during the corresponding period in the previous fiscal year (2022-23).

On year-on-year basis, the good exports however declined by 5.10 percent in December 2023 when compared to the exports of the commodity during December 2022. The fruit exports in December 2023 were recorded at $43.210 million against the exports of $45.532 million in December 2022. On month-on-month basis, the fruit exports surged by 125.71 percent in December 2023 when compared to the exports of $19.144 million in November 2023.

The overall food group exports from Pakistan increased by 49.84 percent during the first six months of the current fiscal year as compared to the corresponding period of last year.

Food exports during July-December (2023-24) were recorded at $3,481,200 million as compared to the exports of $2,323,275 million in July-December (2022-23), a surge of 49.84 percent, according to the latest PBS data. In terms of quantity, the gold imports declined by 80 percent when compared to the imports of 60 kilograms during November 2023.

It is pertinent to mention here that the country’s overall merchandize trade deficit contracted by 34.29 percent during the first half of the current fiscal year compared to the corresponding period of last year.

The Trade deficit from July-December (2023-24) was recorded at $11.148 billion as against the deficit of $16.965 billion in July–December (2022-23), showing negative growth of 34.29 per cent.

During the period under review, the exports increased by 5.17 percent to $14.981 billion compared to the exports of $14.244 billion during the corresponding period of last year, according to the latest PBS data. On the other hand, the imports narrowed by 16.28 per cent and were recorded at $26.129 billion compared to $31.209 billion last year. (APP)

 

[ghazi52]

Pakistan IT exports increased by 32% in 60 days​

By Fatima Javed | Gwadar Pro
Feb 14, 2024

ISLAMABAD, Feb 14 (Gwadar Pro)–According to the Ministry of IT and Telecom, the overall IT exports in Pakistan have increased by a record 32 percent in the last 60 days due to timely decisions of the Special Investment Facilitation Council (SIFC) on the recommendations of the Ministry of IT.

“For the first time in history, Pakistan’s monthly IT exports crossed $300 Million in Dec’23. At this rate, we will exceed USD 4 billion (from USD 2.6 billion last year),” says the Ministry.

To appreciate the role of companies playing a significant part in IT and IT-enabled services exports yesterday, the Caretaker Federal Minister for IT and Telecommunication Dr. Umar Saif also distributed PKR 825 million as a cash prize.

He said that the IT industry, which plays a pivotal role in the country’s economy, deserves maximum incentives, facilities, and rewards. These companies are strengthening the country’s economy by earning huge foreign exchange in return for the services of digital talent of Pakistani talent worldwide.

“If the performance of the IT sector continues like this, it is hoped that the target of USD 10 billion for IT exports will be achieved soon”, he added.
The primary beneficiaries of Pakistan’s IT exports include the USA, the UK, the UAE, and Singapore. Pakistani experts recognize that Pakistan’s surge in IT exports owes credit to China also as the collaboration between the two countries has significantly impacted Pakistan’s digital landscape.

China has played a significant role in shaping Pakistan’s IT industry through various collaborations and investments. Chinese companies have made substantial investments in Pakistan’s IT sector. Notably, Alibaba, a Chinese tech giant, acquired Daraz and Easypaisa, two successful Pakistani startups. This acquisition demonstrates China’s interest in Pakistan’s digital market and its growth potential.

Experts believe that collaborating with foreign countries, including China, has allowed Pakistan’s IT industry to import knowledge and upgrade its technology. China’s expertise in areas such as telecommunications, hardware, and software development has positively impacted Pakistan’s capabilities.

Moreover, Special Economic Zones (SEZs) in Pakistan also provide a business-friendly environment where taxes and duties are exempted for production units. These zones encourage foreign investment, including Chinese companies, to set up manufacturing and IT facilities in Pakistan.

 

[ghazi52]

Pakistan maintains positive trajectory in exports​

The Nation
Feb 15, 2024

In a promising economic development, Pakistan's exports witnessed a substantial surge in December 2023, according to provisional figures released by the Pakistan Bureau of Statistics (PBS). The data indicates a noteworthy increase, marking a positive trajectory for the country's trade performance.

The provisional statistics reveal that exports from Pakistan in December 2023 amounted to Rs799.58 billion, showing a robust growth of 8.86% compared to November 2023, where the figure stood at Rs734.54 billion. Furthermore, the December 2023 exports recorded an impressive 54.59% surge when compared to the same month in the previous year, which saw exports totalling Rs517.24 billion.

In terms of US dollar, the export figure for December 2023 reached $2.822 billion (provisional), indicating an increase of 9.68% compared to November 2023, when exports were at $2.573 billion.

The growth is even more substantial when compared to December 2022, witnessing a remarkable 22.64% increase from $2.301 billion.The export performance for the first half of the fiscal year 2023-24 (July-December) also reflects a positive trend. Exports during this period totalled Rs4,300,752 million (provisional), showcasing a significant surge of 35.33% compared to the corresponding period the previous year, where the exports amounted to Rs3,177,893 million.

Similarly, in terms of US dollar, the exports from July to December 2023 reached $14.991 billion (provisional), marking a 5.24% increase from the same period the previous fiscal year when exports stood at $14.244 billion.

Shahid Javed, a senior economist at the State Bank of Pakistan, told WealthPK that the positive momentum in exports was expected to contribute significantly to Pakistan's economic growth and stability. “The surge in Pakistan's exports, as evidenced by the impressive growth figures in December 2023, reflects a robust and resilient economy.”

He said healthy increases in both local currency and US dollar terms signified a positive trend, indicating a strengthened position in the global market. “The diversified range of main export commodities, led by items like rice, knitwear and readymade garments, underscores the country's competitiveness in various sectors.”

“The noteworthy growth in the first half of the current fiscal year is a testament to the effectiveness of the economic policies and trade strategies. As we navigate a complex global economic landscape, sustaining this upward trajectory will require continuous efforts to enhance competitiveness, explore new markets, and invest in technological advancements,” stressed Javed.

 

[ghazi52]

Pakistan’s basmati rice exports surge as India’s to fall​

Islamabad's total rice exports could jump to 5m tons in 2023/24 financial year, up from the last year's 3.7m tons

Reuters
February 29, 2024

MUMBAI: India's basmati rice exports are likely to fall in 2024 after nearing a record high last year, as rival Pakistan is offering the grain at competitive prices amid a rebound in production, industry officials said.

Pakistan and India are the leading exporters of the premium long-grain variety of rice, famous for its aroma, to countries such as Iran, Iraq, Yemen, Saudi Arabia, the United Arab Emirates, and the United States.

India's exports of basmati rice surged 11.5% from a year earlier to 4.9 million metric tons in 2023, just shy of the record high of 5 million tons hit in 2020, on lower supplies from Pakistan and stocking efforts by importing countries, industry officials said.

Basmati rice shipments helped the world's biggest rice exporter to garner a record $5.4 billion in 2023, up nearly 21% from the previous year, because of higher prices, government data showed.

"Last year, buyers were hustling to stock up when Pakistan was facing production issues. This year, however, Pakistan offers lower prices than India due to increased production," Vijay Setia, a leading exporter based in Haryana state of India, said.

Islamabad's total rice exports could jump to 5 million tons in 2023/24 financial year, up from the last year's 3.7 million tons, Chela Ram Kewlani, chairman of Rice Exporters Association of Pakistan (REAP) said last month.

The depreciation of the Pakistani rupee has made Pakistan's exports more competitive, according to Akshay Gupta, head of bulk exports at KRBL Ltd (KRBL.NS), opens new tab.

 

[ghazi52]

Pakistan’s textile exports up 20% YoY in February, clock in at $1.41bn​

BR Web Desk
March 4, 2024

Exports of Pakistan’s textile sector showed notable growth in February, clocking in at $1.41 billion compared to $1.18 billion recorded in the same month of the previous year, a year-on-year increase of nearly 20%, showed provisional data released by the All Pakistan Textile Mills Association (APTMA) on Monday.

This is the third consecutive month when textile exports have posted a year-on-year increase.

However, the country’s textile exports in the first eight months of the fiscal year 2023-2024 were down by 1% or $0.07 billion to $11.15 billion.

Meanwhile, on a monthly basis, exports declined over 3% as compared to $1.46 billion in January.

Textile exports are crucial for the South Asian economy, which faces a shortage of foreign exchange, and has to rely on debt-creating dollar inflow to shore up reserves, as they make up for the bulk of the its exports.

 

[ghazi52]

Food exports grow by 54.05pc in eight months, reach $4.96b​

By Staff Reporter | The Nation
Mar 18, 2024

Food group exports from the country during the first 08 months of the current financial year grew by 54.05 percent as compared to the exports of the corresponding period of last year.

During the period from July-February, 2023-24, different food commodities worth $4.969 billion were exported as compared to the exports of 3.225 billion in the same period of the previous year, according to the data of the Pakistan Bureau of Statistics.

The exports of rice grew by 85.83 per cent as over 3.932 million metric tons of rice valued at $2.517 billion was exported as compared to exports of 2.546 million tons worth $1.354 billion in same period of last year, it added.

During period under review, the exports of fruits and vegetables grew by 13.89 percent and 39.27 per cent respectively as 688,950 metric tons of fruits valued at $246.463m and 724,252 metric tons of vegetables worth $277.064m were exported.

Meanwhile, imports of food commodities into country during the first 08 months of the current financial year decreased by 18.33pc as against the imports of the corresponding period of last year. The imports of food commodities during the period under review came down from $6.687b to $5.461b.

On month on month basis, the food group imports grew by 5.12pc in February 2024 growth as food goods valued at $739.819m were imported as compared to the imports of 703.722m of the same month of last year.

However, exports of food goods during month of February 2024 grew by 35.38pc as different food commodities worth $702.469m were exported as compared to the exports of $518.871m in same month of last year.

 

[ghazi52]

2024-04-27

Jul-Mar period: Rice exports hit historic high of $3bn​

KARACHI: The country’s rice exports, breaking all previous records, have earned all-time high of $3 billion

 

[ghazi52]

Pakistan’s exports are expected to register over ten percent growth and reach around $31 billion in the current fiscal year 2023-24, compared to $27.735 billion in the last fiscal year 2022-23.

The export of services was up 1.18pc to $6.44bn in 10MFY24 against $6.36bn. In rupee terms, they recorded a massive improvement of 19.44pc to Rs1.82 trillion against Rs1.53bn in 10MFY23

 

[ghazi52]

Pakistan has witnessed a remarkable 62.3% increase in IT exports in April this year compared to the same period last year, according to a recent report by the BBC.

The surge in IT exports is attributed to the policy reforms and business-friendly policies introduced by the Special Investment Facilitation Council (SIFC), PTV reported.

The stability of the local currency and the decision to allow freelancers to deposit foreign earnings into local bank accounts have been key factors in this growth, the report read.

It further stated that the State Bank of Pakistan’s relaxation of the retention limit for IT companies from 35% to 50% has also contributed to the increase.

The IT sector is one of the priority sectors of the SIFC, and all stakeholders were taken into confidence to achieve this milestone.

Moreover, over 25,000 IT graduates and freelancers have earned foreign exchange by working with international companies, significantly contributing to the surge in IT exports.

 

[Pakistan Space Agency]

Pakistan’s exports are expected to register over ten percent growth and reach around $31 billion in the current fiscal year 2023-24, compared to $27.735 billion in the last fiscal year 2022-23.

The export of services was up 1.18pc to $6.44bn in 10MFY24 against $6.36bn. In rupee terms, they recorded a massive improvement of 19.44pc to Rs1.82 trillion against Rs1.53bn in 10MFY23

Am I correct the previous highest was in FY 2020-2021 at $31 billion total of both Goods & Services?

 

[ghazi52]

Exports to US dive on poor performance by textile sector​

Mubarak Zeb Khan
July 11, 2024

ISLAMABAD: Pakistan’s merchandise exports to the United States fell 10.65 per cent to $4.989 billion in the first 11 months of outgoing 2023-24 from $5.484bn over the corresponding period last year.

The fall is mainly attributed to a dip in exports of textiles and clothing to North America, according to data compiled by the State Bank of Pakistan (SBP).

Contrary to this, Pakistan’s exports to China increased by 42pc to $2.553bn in July-May FY24 from $1.889bn over the corresponding period last year. It is estimated that during FY24, Pakistan’s exports to China will reach $3bn by the end of June this year.

According to SBP data, Pakistan’s exports to the US stood at $5.17bn in FY23, down 23.28pc from $6.74bn in the previous fiscal year. In FY24, Pakistan’s exports to China stood at $2.22bn, down 30pc from $3.18bn in FY22. The US remained Pakistan’s biggest export destination in FY23.

According to the finance ministry report on top export destinations, the US remained Pakistan’s most significant market in 9MFY24. Exports to the USA moderately decreased to 17pc in 9MFY24, compared to 19pc last year. Similarly, the Chinese export share increased to 9pc during the period under review.

Meanwhile, the export share to the United Kingdom stood at 7pc, followed by 5pc in Germany, the UAE and Spain during the months under review. The share in export proceeds remained relatively stable for these countries during the months under review compared to the previous year.

The primary factor hindering exports was the slowdown in major importing economies, exacerbated by stringent monetary policies responding to high inflation and the ongoing Russia-Ukraine conflict. It said home textile exports have dropped due to lower demand in the European Union, the US, and the UK.

Published in Dawn, July 11th, 2024

 

[ghazi52]

The overall food group exports from Pakistan increased by 46.77 percent during the year as compared to the corresponding period of last year.

Food exports during July-June (2023-24) were recorded at $7,369.917 million as compared to the exports of $5,021.290 million in July-June (2022-23), according to the latest PBS data.

 

[ghazi52]

Exports rise 12pc in July​

The Newspaper's
August 2, 2024

ISLAMABAD: Pakistan’s merchandise exports rose 11.83 per cent to $2.31 billion in the first month of the new fiscal year from $2.06bn in the corresponding month last year, according to data released by the Pakistan Bureau of Statistics (PBS) on Thursday.

On a month-on-month basis, exports saw a decline of 9.77pc from June.

In FY24, exports rose 10.54pc to $30.64bn from $27.72bn in the preceding year. Exports increased steadily from July 2023 until they turned negative in January. This negative trend persisted until April. After a temporary setback, growth regained momentum in May and continued into June.

The country witnessed its highest-ever exports in 2021-22, reaching a staggering $31.78bn. However, the following year saw a decline, with exports dropping to $27.54bn.

Trade gap widens 19pc to $1.95bn

Exporter associations have cautioned the government about the potential negative impact of the tax measures outlined in the budget 2024-25. They believe these steps could result in a decline in the country’s export earnings.

 

[ghazi52]

According to the PBS data, imports recorded a growth of 15.30pc to $4.25bn in July from $3.69bn in the same month last year. However, on month-on-month, the imports declined 14.27pc.

In FY24, imports fell by 0.84pc to $54.73bn compared to $55.19bn in FY23.

The trade deficit in July widened by 19.71pc to $1.95bn from $1.63bn over the last year.

In FY24, the trade gap narrowed to $24.08bn in FY24 from $27.47bn over the preceding year.

 

[ghazi52]

Pakistan’s exports to China witness increase of 33.67% in FY 2023-24​

Gwadar Pro
Aug 2, 2024

ISLAMABAD - Pakistan's exports of goods and services to China witnessed an increase of 33.67 percent during the twelve months of the fiscal year (2023-24) as compared to the exports of the corresponding period of last year, State Bank of Pakistan (SBP) reported on Thursday afternoon.

The overall exports to China were recorded at $2.707 billion during July-June (2023-24) against exports of $2.025 billion during July-June (2022-23), SBP data revealed.

On a year-to-year basis, exports to China also surged by 12.59 percent from $136.546 million in June 2023, against the exports of $153.745 million in June 2024.

Pakistan's overall exports to other countries witnessed an increase of 11.53 percent in FY 2023-24, from $27.875 billion to $31.090 billion, the SBP data mentioned.