ISLAMABAD Following a dip in growth in March, merchandise exports increased by 10.02 percent year over year in April, according to figures issued by the Pakistan Bureau of Statistics on Thursday.
Since December, export revenue has increased by double digits until decreasing in March. But month over month, shipments decreased by 9 percent. Exports increased to $2.35 billion in April relative to $2.14 billion in the same month the previous year.
They increased by 9.10 percent to $25.28 billion in the first ten months of the current fiscal year from $23.17 billion in the same time the previous year.
From $846 million in April of last year to $2.37 billion in April of this year, the trade deficit increased by 180.58 percent on an annual basis. This resulted from a pick-up in import growth, while exports, at about $2.3 billion, stayed flat.
April’s trade deficit increases by 181%
Nonetheless, compared to $23.54 billion during the same period last year, the trade deficit shrank by 17.09 percent to $19.52 billion in the first ten months of the current fiscal year.
The commerce ministry’s ambitious objective of $100 billion by the end of FY28 is expected to be significantly less than Pakistan’s export earnings over the next five years, according to the IMF’s initial review of the $3 billion Stand-by Arrangement.
Pakistan’s exports are expected to rise from $30.84 billion in FY24 to $32.35 billion in FY25, $34.68 billion in FY26, $37.25 billion in FY27, and $39.46 billion in FY28, according to the fund.
The caretaker government’s initiatives, such as granting exporters a maximum sales tax rebate, contributed to an increase in export earnings.
In comparison to the Rs254 billion issued during the same period previous year, the FBR paid out Rs369 billion during the first nine months of the current fiscal year.
The strategy framework for offering working capital support, quick refund reimbursements, improved market access, competitive energy pricing in the region, and product diversification has not yet been released by the commerce ministry.
In April 2024, $4.72 billion was imported, up 58.43 percent from $2.98 billion in the same month the previous year.
Since the government loosened limitations in recent months, the import bill has grown significantly.
