With 22.45% improve, exports reach Rs1.2 trillion mark in first two months

An picture of Gwadar Port, Balochistan. — Gwadar Port Authority web site/gwadarport.gov.pk

Pakistan’s exports for the first two months of the fiscal yr 2023-24 (FY23-24) reached the Rs1.2 trillion mark following a rise of twenty-two.45 per cent in comparison with final yr.

The nation’s exports between July and August 2023 have been recorded at Rs1.27 trillion, a 22.45 per cent improve as in comparison with Rs1.04 trillion price of exports throughout the corresponding interval of final yr, as per the information launched by the Pakistan Bureau of Statistics (PBS).

Meanwhile, Pakistan’s imports witnessed a 2.42 per cent lower as in comparison with the corresponding interval final yr.

Meanwhile, on a year-on-year foundation, the exports throughout August 2023 elevated by 26.75 per cent and have been recorded at Rs695.1 billion in comparison with the exports of Rs548.4 billion in August 2022 final yr.

On a month-on-month foundation, the exports elevated by 19.62 per cent when in comparison with the exports of Rs581.1 billion in July 2023.

Knitwear emerged as the most important export commodity amounting to Rs117.8 billion.

On the opposite hand, imports throughout July-August (2023-24) witnessed a 2.42 per cent lower and have been recorded at Rs2.3 trillion. During the corresponding interval of final yr, Pakistan’s imports have been recorded at Rs2.4 billion.

Pakistan imported Rs180.6 billion price of petroleum merchandise throughout August 2023, adopted by crude oil and liquified pure gasoline (LNG) price Rs119.4 and Rs89.8 billion.

On a year-on-year foundation, imports into Pakistan throughout August 2023 mirrored a y 0.5 per cent lower towards the imports of August 2022.

On a month-on-month foundation, imports into the nation witnessed a rise of 27.79 per cent in August 2023 when in comparison with the imports of Rs1.04 billion in July 2023.

The improve in exports is encouraging as it is going to enhance the nation’s depleting overseas alternate reserves because the nation faces a dire financial scenario as a result of depreciating rupee and

In June earlier this yr, former prime minister Shehbaz Sharif too, had termed export-oriented overseas direct investments (FDIs) because the ” key to economic revival”.

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