Special Investment Facilitation Council (SIFC) efforts led to an extraordinary increase in domestic exports during the financial year 2024-2023.
According to the data released by the Pakistan Bureau of Statistics, Pakistan’s merchandise exports in 2023-2024 increased by 10.54 percent to reach $30.64 billion over the previous year.
Pakistan Bureau of Statistics data shows, that imports decreased by 0.84% to 54.73 billion dollars in fiscal year 2024 as compared to 55.19 billion dollars in last fiscal year, which is good for economic development.
Exports of meat and its products during the period under review reached an all-time high of $512 million with an increase of 20 percent over the previous year.
The round-the-clock efforts of SIFC and the Ministry of Commerce have also opened up new markets for meat exports in Jordan, Uzbekistan, Lebanon, and Egypt, and for the first time in history, agro exports increased by 37% from $5.8 billion. With the increase, it reached 8 billion dollars. Among agricultural and food exports, rice exports are $3.8 billion, sesame seeds are $410 million, corn exports are $421 million and onion exports are $224 million.
By reaching this level of development, the agricultural sector of Pakistan can achieve the target of 10 billion dollars in the current fiscal year. Services exports earned $2.925 billion in foreign exchange.
In IT sector, 26.72% increase in exports of computer services, 13.57% in exports of software consultancy services and 17.12% in exports of hardware consultancy services are noteworthy.
The significant increase in exports indicates the growing importance of Pakistani products in the global market and the revolutionary initiatives of SIFC.
