Exports increase to $30.7bn in 2023-24

Pakistan’s merchandise exports rose 10.54 per cent to $30.64 billion in 2023-24 from $27.72bn in the preceding year, according to data released by the Pakistan Bureau of Statistics (PBS) on Tuesday. 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. A range of initiatives implemented by the caretaker government resulted in a significant boost to exports which jumped to $30.65bn in FY24. In June, exports reached $2.53bn, up from $2.35bn in the same month last year, indicating a growth of 7.34pc. However, they saw a decline of 10.92pc month-on-month.