Pakistan’s exports increased by 11.83% in July 2024, reaching $2.31 billion, according to the Pakistan Bureau of Statistics (PBS). However, this positive annual growth was tempered by a 9.77% decline in exports compared to June. Imports also saw an annual rise of 15.30%, totaling $4.25 billion, but experienced a 14.27% decrease from the previous month. As a result, the trade deficit grew by 19.71%, amounting to $1.95 billion.
Throughout the fiscal year 2024, Pakistan’s exports showed a healthy increase of 10.54%, reaching $30.64 billion. On the other hand, imports slightly decreased by 0.84%, totaling $54.73 billion. Despite the overall positive trend in exports, there are growing concerns among exporter associations about the potential negative impact of new tax measures on export earnings. They worry that these measures could hinder the progress made and negatively affect the country’s trade balance.
This scenario highlights the complex dynamics of Pakistan’s trade, where rising exports bring hope for economic growth, but challenges such as increasing imports and new tax policies pose risks that need careful management to sustain positive momentum.
