ISLAMABAD: Thanks to the efforts of the Special Investment Facilitation Council (SIFC), Pakistan has seen a remarkable increase in exports during the fiscal year 2023-24.
According to data released by the Pakistan Bureau of Statistics, Pakistan’s merchandise exports increased by 10.54% to $30.64 billion compared to the previous fiscal year. Imports for fiscal year 2024 decreased by 0.84% to USD 54.73 billion, down from USD 55.19 billion last year, showing a positive trend for economic growth.
In fiscal year 2024, exports of meat and meat products reached a record $512 million, a 20% increase compared to the previous year.
Thanks to the relentless efforts of the SIFC and the Ministry of Commerce, new markets for meat exports have opened up in Jordan, Uzbekistan, Lebanon and Egypt.
In addition, agro-exports increased by 37% to US$8 billion from US$5.8 billion.
Exports of agricultural and food products include rice at $3.8 billion, sesame seeds at $410 million, corn at $421 million, and onions at $224 million. This level of growth suggested that Pakistan’s agriculture sector could reach its target of $10 billion for the current fiscal year.
The Information Technology (IT) sector has also played a significant role in boosting Pakistan’s economy, with exports of IT services earning $2.925 billion in just 11 months.
Notable increases include 26.72% of computer services exports, 13.57% of software consulting and 17.12% of hardware consulting.
The significant increase in exports highlights the growing importance of Pakistani products in the global market and underlines the revolutionary measures taken by SIFC.
