Exports rise 12pc in July

[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.