ISLAMABAD (Dunya News) – Due to the efforts of the Special Investment Facilitation Council (SIFC), Pakistan has recorded a remarkable increase in exports during the fiscal year 2023-24.
According to data released by the Pakistan Bureau of Statistics, exports of Pakistani goods surged by 10.54% to reach $30.64 billion, compared to the previous fiscal year. Imports for FY 2024 decreased by 0.84% to $54.73 billion, down from $55.19 billion last year, marking a positive trend for economic growth.
In FY 2024, exports of meat and meat products have reached a record high of $512 million, marking a 20% increase compared to the previous year.
Thanks to the relentless efforts of SIFC and the Ministry of Commerce, new markets in Jordan, Uzbekistan, Lebanon, and Egypt have been opened for meat exports. Additionally, agro exports have surged by 37% to $8 billion, up from $5.8 billion.
Exports of agricultural and food products include rice at $3.8 billion, sesame seeds at $410 million, corn at $421 million, and onions at $224 million. This level of growth suggested that Pakistan's agricultural sector could achieve its $10 billion target for the current fiscal year.
The Information Technology (IT) sector has also played a significant role in strengthening the Pakistani economy, with IT services exports earning $2.925 billion in just 11 months.
Noteworthy increases include 26.72% in computer services exports, 13.57% in software consultancy services, and 17.12% in hardware consultancy services.
The significant rise in exports highlights the growing importance of Pakistani products in the global market and underscores the revolutionary measures taken by SIFC.