ISLAMABAD: Pakistan’s Minister for Commerce, Industries, and Investment, Dr. Gohar Ejaz, on Tuesday said that exports in December 2023 surged by 22.2%, reaching USD 2.812 billion, compared to USD 2.301 billion in December 2022. He noted that this marks a 9.3% increase from the USD 2.573 billion exports recorded in November 2023.
Dr. Ejaz also highlighted a positive trend in imports, revealing a 12.25% reduction in December 2023, totaling USD 4.514 billion, down from USD 5.144 billion in December 2022.
Examining the broader perspective, exports in Jul-Dec 2023 demonstrated sustained growth, increasing by 5.2% to USD 14.981 billion from USD 14.244 billion during the same period the previous year. Importantly, imports saw a substantial 16.28% decrease during this period, dropping from USD 31.209 billion to USD 26.129 billion.
These developments resulted in a considerable contraction of the trade deficit. In December 2023 alone, the deficit shrank by a significant 40%, amounting to USD 1.7 billion—a decrease of USD 1.141 billion compared to the previous year. The Jul-Dec 2023 period witnessed an even more remarkable trend, with the trade deficit contracting by 34% to USD 11.148 billion, down from USD 16.965 billion in the same period last year (a decrease of $5.817 billion).
Expressing optimism about these achievements, Dr. Gohar Ejaz stated, “This represents record growth in the past four months. When the Caretaker Government assumed office, last month’s exports were USD 2.07 billion. Alhamdulillah, they now stand at USD 2.81 billion. Pakistan’s exports have rebounded and are on a clear upward trajectory, reaching an impressive USD 2.8 billion in December 2023.”
“Insha’Allah, we will soon reach our targeted capacity of USD 3 billion per month. Our ultimate goal remains to achieve export-led growth to the tune of USD 8 billion per month, a target that we will pursue through the implementation of the new Industry Policy under the SIFC framework.”
“The Ministry of Commerce remains committed to further strengthening Pakistan’s export potential and creating a conducive environment for sustainable economic growth. These positive developments are a testament to the government’s ongoing efforts and the resilience of Pakistani businesses,” added Dr. Gohar Ejaz.
