FY2023-24: With 22.45% increase, exports reach Rs1.2 trillion mark in first two months

Pakistan's exports for the first two months of the fiscal year 2023-24 (FY23-24) reached the Rs1.2 trillion mark following an increase of 22.45 per cent compared to last year.

The country's exports between July and August 2023 were recorded at Rs1.27 trillion, a 22.45 per cent increase as compared to Rs1.04 trillion worth of exports during the corresponding period of last year, as per the data released by the Pakistan Bureau of Statistics (PBS).

Meanwhile, Pakistan's imports witnessed a 2.42 per cent decrease as compared to the corresponding period last year.

Meanwhile, on a year-on-year basis, the exports during August 2023 increased by 26.75 per cent and were recorded at Rs695.1 billion compared to the exports of Rs548.4 billion in August 2022 last year.

On a month-on-month basis, the exports increased by 19.62 per cent when compared to the exports of Rs581.1 billion in July 2023.

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

On the other hand, imports during July-August (2023-24) witnessed a 2.42 per cent decrease and were recorded at Rs2.3 trillion. During the corresponding period of last year, Pakistan's imports were recorded at Rs2.4 billion.

Pakistan imported Rs180.6 billion worth of petroleum products during August 2023, followed by crude oil and liquified natural gas (LNG) worth Rs119.4 and Rs89.8 billion.

On a year-on-year basis, imports into Pakistan during August 2023 reflected a y 0.5 per cent decrease against the imports of August 2022.

On a month-on-month basis, imports into the country witnessed an increase of 27.79 per cent in August 2023 when compared to the imports of Rs1.04 billion in July 2023.

The increase in exports is encouraging as it will boost the country's depleting foreign exchange reserves as the country faces a dire economic situation due to the depreciating rupee and

In June earlier this year, former prime minister Shehbaz Sharif too, had termed export-oriented foreign direct investments (FDIs) as the " key to economic revival".