In the fiscal year 2023-24, Pakistan's domestic exports saw a notable increase of 8.90%, reflecting a positive trend in the country's trade performance.

The total exports of goods and services surged by $3.16 billion compared to the previous fiscal year, bringing the total export volume to $38.48 billion.

Breaking down the figures, the export of goods reached $30.68 billion, while services exports amounted to $7.80 billion. The export of goods experienced an annual increase of $2.95 billion, whereas the services sector saw a more modest rise of $210 million.

The textile sector remained a significant contributor, with exports totalling $16.65 billion. The agro and food sector also performed well, recording exports of $7.37 billion. Additionally, manufacturing and engineering exports crossed the $4 billion mark, showcasing the sector's growth and potential.

According to the Ministry of Commerce, other sectors contributed $2.22 billion to the total export volume, highlighting the diverse range of products and services that Pakistan offers to the global market.

Also Read: Pakistan sees sharp rise in car imports, decline in smartphones

Meanwhile, in the first month of the current financial year, Pakistan witnessed a sharp increase in car imports, while smartphone imports took a downturn, according to the latest report from the Pakistan Bureau of Statistics (PBS).

Car imports more than doubled in July 2024, with vehicles worth $23.29 million ordered during the month. The value of these imported cars in local currency amounted to approximately Rs6.45 billion.

Also Read: Pakistan sees 45% surge in food exports for July 2024

In addition to this surge in car imports, car assembly operations also saw a rise, with parts worth $34.2 million being imported in July 2024. The value of these parts in local currency was over Rs9.5 billion, indicating robust demand for both fully built units (CBUs) and completely knocked down (CKD) car kits.

This trend is notable as Pakistan continues to see increasing demand for automobiles, even amidst economic challenges and inflationary pressures. Industry analysts suggest that a growing middle class and increased consumer financing options may be driving the growth in car imports.

However, the same cannot be said for smartphone imports. In contrast to the car sector, smartphone imports saw a decline of 5.3% in July 2024 compared to the same period last year. Smartphones worth $64.5 million were imported last month, a sharp contrast to July 2023 when mobile phone imports amounted to $68.1 million.