In the first two months of current fiscal year, Pakistan’s exports climbed by double digits to $5.1 billion, which helped to keep the trade deficit at $3.6 billion despite the uncertainties around the timing of a fresh external rescue package.
There are many who contend that even an IMF agreement might not provide much assistance given the general decline in Pakistan’s political, economic, and security conditions.
The current fiscal year’s July–August 14% increase in exports will help to partially offset any pressures from the external sector that could arise from the uncertainty surrounding the International Monetary Fund (IMF) accord.
The country’s merchandise exports, according to a Tuesday report from the Pakistan Bureau of Statistics, were $5.1 billion, up $620 million, or 14%, over the same time in the previous fiscal year.
The national data collection agency reports that during the July-August period, imports were at $8.6 billion, having increased by 5.7%, or $463 million, during the same period.
Consequently, over the first two months, the trade deficit shrank by 4.2% to $3.6 billion, with a $157 million decrease mostly attributable to the rise in exports.
Pakistan is taking into consideration a number of initiatives in an effort to increase its exports. It completed a trade-liberalization plan last month with the goal of opening up the economy by significantly lowering import levies.
