ISLAMANBAD: Pakistan witnessed a “remarkable” surge in its exports during the financial year 2023-24, state broadcaster Radio Pakistan reported on Sunday, saying that official data was proof that the South Asian country’s products were gaining prominence worldwide.
Grappling with a macroeconomic crisis that has depleted its fragile economy of its resources, Pakistan has sought to engage regional allies in a bid to increase investment and trade. The South Asian country has sought to enhance its exports and provide visa and trade facilities to several countries as it eyes economic growth and stability.
Pakistan set up the Special Investment Facilitation Council (SIFC) in June 2022 to attract foreign investment in key economic sectors, particularly from Gulf countries. The hybrid civil-military forum aims to fast-track decision-making and investment.
“Pakistan has witnessed a remarkable surge in exports during the financial year 2023-24 due to concerted efforts of the Special Investment Facilitation Council (SIFC),” state broadcaster Radio Pakistan said in a report.
“According to the data released by the Pakistan Bureau of Statistics, Pakistan’s merchandise exports rose by 10.54 percent to 30.64 billion dollars in financial year 2023-24.”
On the other hand, the report said Pakistan’s imports fell by 0.84 percent to $54.73 billion during the last fiscal year.
It credited “round-the-clock” efforts from the SIFC and Pakistan’s commerce ministry for helping Pakistan establish new markets for the export of meat in Jordan, Lebanon, Egypt and Uzbekistan.
The report also noted that for the first time, Pakistan’s agro-exports increased by 37 percent from $5.8 billion to $8 billion.
“By reaching this level of development, Pakistan’s agricultural sector can achieve the export target of 10 billion dollars in the current financial year,” Radio Pakistan said.
“The significant increase in exports indicates the increasing importance of Pakistani products in the global market and the revolutionary initiatives of SIFC.”
