Islamabad July 3 2024: Pakistan exports totaled $30,645 million during fiscal year 2024, marking a 10.54% increase from $27,724 million in the previous year, according to data released by Pakistan Bureau of Statistics.
Imports for the same period slightly declined by 0.84%, from $55,198 million to $54,734 million. This led to a 12.32% reduction in the trade deficit, which decreased from -$27,474 million in the previous fiscal year to -$24,089 million in the current fiscal year.
These figures underline the dynamic nature of Pakistan’s trade landscape, with significant changes in both exports and imports impacting the overall trade balance. The data reflects efforts to bolster exports while managing imports to improve the trade deficit, a crucial indicator of economic health.
The All Pakistan Textile Mills Association (Aptma) has voiced severe concerns about the proposed Budget 2024-25, terming it extremely regressive for the textile sector and exports. After peaking at $19.3 billion in FY22, textile exports plummeted to approximately $16.5 billion in FY23. The trend continued throughout FY24, with monthly exports consistently falling over $600 million below the installed capacity. In the budget, the tax rate on exports has increased from a 1% final tax regime to a staggering 29% on profits, plus a 2% advance tax on export proceeds.
Comparing June 2024 to June 2023, exports increased by 7.34%, reaching $2,529 million from $2,356 million. Imports saw a more significant rise of 17.43%, climbing from $4,189 million in June 2023 to $4,919 million in June 2024. This resulted in a 30.39% expansion of the trade deficit, which grew from -$1,833 million in June 2023 to -$2,390 million in June 2024.
