Islamabad: Pakistan has witnessed a notable 14% increase in exports at the start of this financial year, attributed to the supportive measures implemented by the Special Investment Facilitation Council (SIFC). This boost in exports has contributed to a narrowing of the country’s trade deficit, amidst various economic stabilization efforts by the government.

According to Ministry of Information and Broadcasting, the surge in exports raised the total to $5.1 billion in August, up by $620 million from earlier figures. This increase has played a critical role in reducing the trade deficit to $3.6 billion, down from $3.751 billion at the fiscal year’s commencement.

The report also notes a decrease in imports, particularly high-duty items such as vehicles, home appliances, and other consumer goods, which dropped by 1.3 percent in August. This decline is part of a broader strategy to manage the trade balance by curbing the import of non-essential goods.

Furthermore, with SIFC’s backing, the government has finalized a trade liberalization plan aimed at further boosting domestic exports and enhancing overall economic stability. These measures, along with other economic reforms, have led to a reduction in the country’s external debt in recent months, signaling a positive turn in Pakistan’s economic management efforts.