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Pakistan’s July 2024 exports increased by 11.83%.

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4 months ago

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According to a study released by the Pakistan Bureau of Statistics (PBS) on Friday, there was an 11.83% rise in Pakistan’s exports in the first month of the fiscal year 2024–25 by comparison with the same month the previous year.

The most recent statistics from PBS shows that in July 2024, exports totalled $2.308 billion, compared to $2.064 billion in July 2023.

However, compared to last July’s imports of $3.691 billion, imports into the nation climbed by 15.30 percent to $4.256 billion during the month.

Estimates for the trade deficit for the month under review reflect a 19.71 percent increase to $1.948 billion from the $1.627 billion deficit in the previous year.

Comparing June 2024’s exports of $2.558 billion to June 2024’s exports, the country’s monthly exports fell by 9.77 percent.

As compared to the $4.964 billion in imports in June 2024, the imports likewise saw a fall of 14.27%, according to PBS.

However, for the fiscal year 2023–2024, the value of services exported rose by 2.7%, from $7.595 billion to $7.806 billion.

Additionally, there was a 17.14% surge in services imports this year, rising from $8.638 billion to $10.119 billion.

The data indicates that the trade deficit for services increased by 121.76 percent from $1.043 billion in July–June (2022–2023) to $2.313 billion in July–June (2023–24).

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Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Speaking to a press conference, Marriyum Aurangzeb says the PML-N government has restored the trust of investors.

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According to Marriyum Aurangzeb, senior Punjab minister, the PML-N government has won back the trust of investors by making strides in a number of areas, including agriculture.

Marriyum Aurangzeb, speaking at a press conference in Lahore, emphasized the Punjab government’s initiatives to bring about major changes in the province, particularly in Lahore.

Marriyum Aurangzeb stated that in order to guarantee sustainable growth, the master plan for Lahore has been completed, and plans of a similar nature are being worked on for other districts.

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