Tag: Commerce and Industries

  • Pakistan’s trade deficit shrinks by over 30% in November

    Pakistan’s trade deficit shrinks by over 30% in November

    In the initial five months of the fiscal year 2024, Pakistan’s trade performance has witnessed notable enhancements, marking a positive stride towards economic stability, as articulated by Dr Gohar Ejaz, the Federal Minister for Commerce and Industries, in a communication on X (formerly Twitter).

    The minister conveyed his unwavering confidence in Pakistan’s trajectory towards economic recovery, emphasising the commitment to diligent efforts aimed at job creation, economic growth, and the overall betterment of citizens’ lives.

    It is noteworthy that Pakistan’s exports experienced a year-on-year increase of 1.93 per cent, reaching $12.17 billion in the aforementioned five-month period, while imports exhibited a substantial decrease of 17.32 per cent to $21.55 billion.

    Consequently, the trade deficit contracted to $9.38 billion, registering a noteworthy decline of 33.59 per cent compared to the corresponding period in the preceding year.

    Zooming in on November’s performance, Pakistan’s exports demonstrated a robust year-on-year growth of 7.66 per cent, totaling $2.57 billion, whereas imports saw a decline of 13.47 per cent to $4.46 billion.

    This translated into a trade deficit of $1.89 billion for November, marking a notable reduction of 31.72 per cent compared to November 2022.

  • Pakistan aiming for $25 billion textile exports in this fiscal year

    Pakistan aiming for $25 billion textile exports in this fiscal year

    Dr Gohar Ejaz, the Caretaker Federal Minister for Commerce, Industries, and Production, has set a bigger target of achieving $25 billion in textile exports for the current fiscal year, a substantial increase from the $16 billion target of the previous year. 

    Speaking at a meeting with the Pakistan Textile Exporters Association, led by Khurram Mukhtiar, Dr Ejaz outlined his strategic vision. He pledged to revitalise dormant industries within the nation within a tight one-month deadline, expressing confidence in surpassing last year’s export figure of $16 billion.

    Assuming the role with a bold $80 billion export objective, Dr Ejaz assured a systematic approach to address impediments hampering industrial operations. He expressed eagerness to directly engage with stakeholders, even offering to visit facilities as a symbol of his dedication to the industrial landscape’s rejuvenation. He requested a comprehensive list of inactive industries and their specific challenges to better tackle the issues.

    Furthermore, the minister vowed to promptly resolve pending financial obligations owed to industries by various departments, including the Federal Board of Revenue (FBR) and customs. 

    He extended an open invitation to associations and business leaders, emphasising his readiness to collaborate and find solutions for their concerns.

    With a focus on swift resolutions for challenges related to gas, electricity, energy, and fund allocation, Dr Ejaz reaffirmed his commitment to fostering a thriving and supportive business environment.