Islamabad: Pakistan has reported a 14% increase in exports at the onset of the current fiscal year, primarily due to the initiatives of the Special Investment Facilitation Council (SIFC). This rise in exports has contributed to a narrowing of the nation’s trade deficit.
According to Ministry of Information and Broadcasting, exports in August 2024 surged to $5.1 billion, an increase of $620 million from previous figures. This growth in export revenue has also led to a 4.2% reduction in the trade deficit, which now stands at $3.6 billion, down from $3.751 billion.
Additionally, the import of high-duty items, including vehicles, home appliances, and various consumer goods such as garments, fabrics, and footwear, has decreased by 1.3% over the past month. This decline in imports is indicative of the government’s strategic measures to manage trade flows and enhance economic stability.
Furthermore, Pakistan’s foreign debt has seen a reduction in recent months, a testament to the government’s effective policies and efforts to strengthen the economy. The role of the Special Investment Facilitation Council in these improvements has been pivotal, demonstrating the impact of targeted governmental support on the country’s economic development.