Official figures released by the commerce ministry reveal a substantial 25.3% increase in merchandise exports during the initial half of February compared to the same period last year, indicating a promising recovery in export-led industrial growth.
The data shows that export earnings in the first 15 days of February soared to $1.275 billion, up from $1.017 billion recorded during the corresponding period in the previous year.
Commerce Minister Gohar Ejaz expressed optimism regarding these encouraging trends, highlighting the growth momentum anticipated for the remaining days of the month. “We anticipate sustained growth in the coming months of the fiscal year,” the minister affirmed.
A detailed analysis reveals that textile and apparel exports registered an 8% growth, amounting to $682 million compared to $631.3 million in the same period last year. Meanwhile, the manufacturing and engineering sector saw a notable surge of 19.8%, with export earnings reaching $214.9 million this year, up from $179.5 million previously.
The agriculture and food products segment witnessed a remarkable 82.8% increase, reaching $377.8 million, compared to $206.7 million in the corresponding period last year. Notably, food exports have experienced continuous growth for the past six months.
Cumulatively, total export proceeds from July 1, 2023, to February 15, 2024, amounted to $19.041 billion, surpassing the $16.848 billion recorded during the same period in the previous year. However, textile and apparel exports saw a slight decline of 3.3% to $10.433 billion, compared to $10.789 billion last year.
On the import front, there was a notable decline of 21% in import values during the first fortnight of February, totaling $1.859 billion compared to $2.353 billion in the same period last year. Similarly, imports for the first seven and a half months of FY24 dropped by 17% to $31.869 billion, down from $38.189 billion in the corresponding period last year.
