Pakistan Exports Up 14% With SIFC Support: High-Duty Imports Drop Amid Positive Export Trends

The Special Investment Facilitation Council has boosted the Pak exports at the start of the fiscal year. According to the Pak Bureau of Statistics, the country’s exports rose by a record 14 percent last year. 

In August 2024, the exports reached a sum of $5.1 Billion, recording an increase of $620 million. The growth helped reduce Pakistan’s trade deficit from $3.751 billion to $3.6 billion at the start of the 2024-25 financial year, stating a 4.2 percent decline of trade deficit and showing healthy signs of recovering.

However imports of heavy duty items such as automobiles, electronic and mechanical appliances along with essentials like clothing and footwear registered a reduction of 1.3 percent year on year.

The SIFC in Pak has been implementing the remedies needed for the nation’s economy to get strengthened, stabilised and increase exports so that the forex reserve of the country grows.

A plan of growth and support termed as trade liberalisation plan has been finalised to enhance exports and support economic growth. The efforts are expected to promote growth, and provide financial incentives to manufacturers, leading to increased industrial growth and greater economic stability.

Along with this, the recent reforms implemented by Shehbaz Sharif’s  government in Islamabad has also helped in decreasing the external debt by a significant amount.