ISLAMABAD: Year over year, merchandise exports increased by 25.3% in the first two weeks of this month, suggesting a resurgence of export-driven industrial activity.
According to official figures compiled by the ministry of commerce, export earnings in the first 15 days of February were $1.275 billion, up from $1.017 billion during the same time the previous year.
Gohar Ejaz, the minister of commerce, stated that these encouraging patterns show an increase in momentum that will be seen in the days left in this month. The minister stated, “We expect that growth will keep up in the last few months of this year’s fiscal year.”
Exports of textiles and clothing increased by 8% to $682 million from $631.3 million during the same time last year, according to the breakdown. In comparison to the same period last year, when exports totaled $179.5 million, the production and engineering sector’s growth in exports this year was 19.8%, or $214.9 million.
Compared to $206.7 million in the same period previous year, the agriculture and food products sector grew by 82.8 percent to $377.8 million. For the past six months, there has been a steady increase in food exports.
Between July 1, 2023, and February 15, the overall export proceeds were $19.041 billion, compared to $16.848 billion during the same time in the previous year. In comparison to $10.789 billion during the same period last year, textile and apparel saw a negative rise of 3.3 percent, or $10.433 billion, according to the breakdown.
Compared to $3.109 billion during the same period last year, exports of engineering and manufacturing goods increased 14.6 percent to $3.563 billion in the first seven and a half months of this year.
In a similar vein, exports of goods and agricultural products increased by 71% to $5.043 billion from $2.949 billion during the same time last year.
In contrast, the value of imports decreased by 21% to $1.859 billion in the first two weeks of February compared to $2.353 billion during the same time in the previous year. After reaching $38.189 billion in the first seven and a half months of FY23, the import value fell by 17 percent to $31.869 billion in the first half of FY24.
SOURCE: DAWN NEWS
