Islamabad (TDI): Pakistan’s exports grew by 7.7 percent to reach $24.7 billion during the first nine months of fiscal year 2024-25, driven by strong performances in textiles, rice, and other major agricultural products.
The policymakers expect total exports to cross $33 billion by June, aiming to sustain the momentum despite economic headwinds.
Imports over the same period rose 6.3 percent to $42.6 billion, driven by growing demand for machinery, fuel, and raw materials, further straining Pakistan’s external position.
As a result, the trade deficit widened 4.5 percent to $17.9 billion, highlighting ongoing challenges in balancing foreign exchange flows.
In March, exports rose 1.95 percent year-on-year to $2.617 billion, while imports dipped 2.45 percent to $4.736 billion.
The trade deficit for the month shrank 7.4 percent to $2.12 billion, offering some relief after consecutive months of rising deficits.
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On a month-over-month basis, exports went up by 5.1 percent from February, while imports fell 1.1 percent, the Pakistan Bureau of Statistics (PBS) reported Thursday.
The services sector also witnessed mixed results. In the first 8 months of FY2024-25, services exports grew 6.03 percent to $5.46 billion, while imports surged 12 percent to $7.71 billion.
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The services trade deficit widened 29.85 percent to $2.25 billion.
In February, services exports climbed 5 percent to $710 million, while imports spiked 32.7 percent to $1.01 billion.
Despite the widening trade gap, the country’s external account position remains stable, supported by a rise in exports and a sharp increase in remittances.
The current account posted a surplus of $691 million in July-February, reversing a $1.73 billion deficit from a year earlier.
However, in February, the current account swung back to a $12 million deficit, in contrast to a $71 million surplus in February 2024.
Workers’ remittances surged 32.5 percent to $24 billion in the first 8 months of FY25, up from $18.1 billion a year earlier, providing crucial support to foreign exchange reserves.
