Pakistan’s exports have seen a significant increase of 14.42% during the first two months of the current fiscal year, according to data released by the Pakistan Bureau of Statistics.

From July to August, the total export volume exceeded $5 billion, marking a strong start to the financial year.

Food products played a key role in this rise, with exports growing by 42.39%, bringing in over $1 billion. The surge was driven by higher exports of rice, fruits, vegetables, tobacco, sugar, and meat.

Textile exports, traditionally a cornerstone of Pakistan's economy, also contributed significantly to the boost. The sector recorded an increase of 5.37%, with export figures surpassing $2.91 billion. Key items like cotton fabrics, ready-made garments, knitwear, bed linens, and towels saw substantial growth. Additionally, exports of silk, synthetic textiles, tarpaulins, and tents showed positive trends.

Exports of petroleum products, including coal, witnessed an upward trajectory, along with increased shipments of leather gloves, footwear, cutlery, chemicals, plastic materials, and medicines.

Also Read: Pakistan's food import bill drops by 18% as consumption declines

The engineering sector also showed promise, with electric fans, transport equipment, and auto parts performing well. Precious stones, jewellery, and other goods contributed to the overall increase.

However, there were some sectors that saw a decline. Exports of cement, furniture, canvas footwear, and leather garments dropped during this period. Additionally, exports of fish, dry fruits, cotton yarn, raw cotton, and carpets also decreased.

This diverse export performance reflects a mix of growth in several industries while facing challenges in others as Pakistan navigates global economic conditions.

On Tuesday, the bureau reported a notable decline in the consumption of imported foods during the first two months of the current financial year, as Pakistan's food import bill dropped by 18%.

Also Read: Pakistan's economic indicators show positive trends amid political challenges

It said the total food import bill fell to $1.06 billion. The most significant decline was seen in the import of milk, which decreased by 23%, reducing the bill to $19 million. The demand for tea, another major import, also saw a sharp decline, with the volume dropping from 46,451 tonnes to 38,847 tonnes. Correspondingly, the tea import bill shrank from $110 million to $97.9 million during the same period.

Soybean imports experienced the largest percentage decrease, plummeting by 52% to just $22.2 million. Meanwhile, palm oil imports, one of Pakistan's key food imports, saw a 10% drop, bringing the total import cost down to $495.9 million.

The import of pulses also followed the downward trend, decreasing by 21% to $133 million, while the import bill for various other food grains fell by 33%, amounting to $245.3 million.