Trade deficit narrows to $1.879 billion in January 2024

Dr Gohar Ejaz
ISLAMABAD, Feb 1 (APP):Caretaker Federal Minister for Interior Commerce and Industries, Dr. Gohar Ejaz on Thursday said that trade deficit narrowed to $1.879 billion in January 2024 from $2.689 billion in January 2023.
This is a substantial improvement from last year, said a press release issued by the Ministry of Commerce here. Caretaker Federal Minister for Interior, Commerce and Industries, Dr. Gohar Ejaz, is announcing a positive trend in Pakistan’s exports. He said: “Pakistan’s Exports in Jan 2024 have increased by 26.9% to $2.786 billion from $2.195 billion in Jan 2023.”  Dr Gohar said that imports during the same period decreased by 4.5% to $4.665 billion from $4.884 billion.
The caretaker minister said that Pakistan’s global trade figures for the period of July 2023 – January 2024, show that Pakistan is steadily expanding its international trade footprint.
Exports totaled $17.766 billion, up 12% from $15.831 billion during the same period in the previous Financial Year(FY), he said.  He further said that Imports contracted by 16% to $30.010 billion as compared to $35.836 billion in the same period in the last FY. The overall trade deficit has decreased by 39% to $12.244 billion as compared to $20.005 in the previous year, he added. In absolute terms, during Jul-Jan 2024, exports increased by almost $2 billion, and Imports decreased by $6 billion, and the trade deficit contracted by $7.8 billion.
 He said: “These positive trends reflect our government’s unwavering commitment to promoting trade and economic growth. We will continue to implement policies that support our exporters, diversify our export base, and enhance trade facilitation. I am confident that Pakistan is on the right track to achieving its trade goals and becoming a leading player in the global economy.”
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