Commerce Minister Projects Exports to Increase by $20 Billion in 2024

Caretaker Federal Minister for Commerce Gohar Ejaz expects the country’s exports to increase by $20 billion in the calendar year 2024. A statement issued by the Ministry of Commerce said this optimistic outlook comes after concerted efforts by the caretaker team to address the challenges faced by Pakistani exports. The statement said that in July 2023, Pakistani exports had faced a setback, declining to $2.068 billion. Recognizing the significance of this challenge, the caretaker team, assuming office in August 2023, dedicated itself to enhancing exports and curbing the trade deficit. The results of these efforts are evident in the progress achieved by December 2023, with exports surging to $2.812 billion. The caretaker team’s strategic focus on elevating the export of manufactured goods has played a pivotal role in this success, the statement added. The statement said that this revival in export capacity sets the stage for the minister’s optimistic projection of a $20 billion increase in exports for the upcoming year. During the first six months of the current fiscal year (1HFY24), the exports increased by 5 percent to $14.981 billion compared to the exports of $14.244 billion during the corresponding period last year while the year-on-year increase during December 2023 stood at 22 percent. However, despite the recent increase in exports, the minister’s target seems overly ambitious. It is unlikely that exports can be increased by $20 billion over the next 12 months.