Pakistan’s Trade Deficit Narrows as Exports Surge ICT Remittances Up 30%
According to the statistics, exports increased by 620 million to reach 5.1 billion dollars in August.
Due to the export increase, the country’s trade deficit has narrowed to 3.6 billion dollars from 3.751 billion dollars at the beginning of the current fiscal year.
Meanwhile, imports of high-duty items such as vehicles, home appliances, and other consumer goods such as garments, fabrics, and footwear fell by 1.3 percent in August.
With the support of SIFC, the government is considering various measures to increase domestic exports and stabilize the economy. Recently, a trade liberalization plan has been finalized to boost the country’s exports and economy.
The country’s external debt has decreased in the last few months as a result of the government’s measures to strengthen the economy.
Pakistan’s ICT exports surge by 30% in two months
Pakistan’s Information and Communication Technology (ICT) export remittances have surged by 30% to US$ 584 million during the first two months of Financial Year 2024-25 (July -Aug) in comparison to US$ 449 million reported during the corresponding period last year of FY 2023-24.
According to the Ministry of Information Technology and Telecommunication in August 2024, ICT services export remittances of US$ 298 million have been received, an increase of 26.8% compared to US$ 235 million in August 2023.
In comparison to the previous month (July 2024), ICT services export remittances increased by US$ 12 million to reach 298 million, an increase of 4%.
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