Pakistan's exports have increased by 14% at the start of the current fiscal year, according to the Pakistan Bureau of Statistics. This growth is attributed to improved government strategies facilitated by the Special Investment Facilitation Council (SIFC).
In August 2024, exports reached $5.1 billion, marking a $620 million increase compared to the same period last year. This rise in exports has contributed to a 4.2% reduction in Pakistan's trade deficit, which decreased from $3.751 billion to $3.6 billion at the beginning of the 2024-25 fiscal year.
The country also saw a 1.3% year-on-year decrease in imports of high-duty items such as vehicles, household appliances, and other necessities like garments, fabrics, and shoes in August.
The government is considering various measures to further boost exports and strengthen the economy with SIFC's assistance. A trade liberalization plan has recently been finalized to promote exports and economic growth through innovation.
These efforts, including initiatives to increase exports, revive industries, and provide financial incentives to industrialists, are expected to bring economic stability. The government's economic measures have also resulted in a reduction of Pakistan's external debt over the past few months.
The government's efforts, facilitated by SIFC, to drive economic growth are seen as commendable steps towards economic stabilization and development.
