Islamabad (TDI): Pakistan’s exports increased by 9% year-on-year in November 2024, while the trade deficit shrank to $1.6 billion, 19% lower than the same month last year.
Khurram Schehzad, Advisor to the Finance Minister on Economic and Financial Reforms, shared these figures in a statement on Friday.
Schehzad highlighted that imports declined by 3% in November, further supporting the positive trend. With remittances expected to reach $3 billion, the current account is likely to post a surplus for the month.
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He said the total trade deficit for the first five months of FY25 has dropped to $8.7 billion, showing a 7% year-on-year decline.
Other key improved economic indicators are:
Foreign reserves are at a 33-month high, with an import cover of 2.55 months.
Inflation has fallen to a 78-month low, and food inflation is on the decline.
The PKR has appreciated to 277.9 against the US dollar.
The one-year KIBOR rate has fallen below 12%, reflecting improved economic stability.
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Schehzad also announced that PIA and a private airline have regained access to European routes. He said falling oil prices, with Brent at $72.5 and WTI at $68.8, are further supporting economic recovery.
He reaffirmed the government’s commitment to stabilizing the economy and supporting businesses.
