Exports rise, imports fall, trade deficit shrinks in January

By Staff Reporter

ISLAMABAD: Pakistan’s exports surged 27 percent in January from a year earlier, while imports dipped 5 percent, narrowing the trade gap by 30 percent, the commerce minister said on Thursday, citing data he released on social media ahead of official statistics.

Exports rose to $2.786 billion last month from $2.194 billion in January 2023, while imports fell to $4.665 billion from $4.884 billion, Gohar Ejaz, the caretaker minister for commerce, said on his Twitter account.

The trade deficit shrank to $1.879 billion from $2.689 billion a year ago, he said, adding that the figures were provisional and subject to revision by the Pakistan Bureau of Statistics (PBS), which normally publishes the data on the first working day of each month.

In the first seven months of the 2023/24 fiscal year that began in July, exports increased 12 percent to $17.766 billion from $15.831 billion in the same period of the previous year, while imports declined 16 percent to $30.010 billion from $35.836 billion, Ejaz said.

The trade gap narrowed 39 percent to $12.244 billion from $20.005 billion, he added.

“Pakistan’s global trade figures for the period Jul-Jan 2024 show that Pakistan is steadily expanding its international trade footprint,” Ejaz said in a tweet.

The minister said the government was committed to boosting trade and economic growth by supporting exporters, diversifying export products and markets, and improving 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,” he said.