Pakistan Exports recorded a growth rate of 9% on a year-on-year comparison basis for November 2024. The trade deficit during the month has now been $1.6 billion, which is 19% lower than the corresponding month of the previous year.
This was according to Khurram Shehzad, Advisor to the Minister of Finance for Economic and Financial Reforms, in a press statement on Friday.
Stepping into Schehzad’s words, imports went down by 3% in November to further add momentum to the bright side. Combined with an expected $3 billion in remittance inflow, the country would likely post a surplus in the current account this month.
According to him, a decline of 7% year-on-year has been recorded in the trade deficit for the first five months of FY25, bringing it down to $8.7 billion.
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He also revealed other crucial improved indicators of economic performance.
Foreign reserves are at a three-year high with import cover at 2.55 months.
Inflation dipped to a level last experienced 78 months ago, and food inflation is on the decline.
The PKR is now at a value of 277.9 to the US dollar.
The one-year KIBOR rate has fallen below 12%, a clear indication that economic stability has indeed improved.
Shehzad also elaborated that the European routes have been opened again to PIA and a private airline. He also mentioned the decline in oil prices; Brent is tagged at $72.5 and WTI at $68.8. This has further helped the economy towards recovery.
He reconfirmed the government’s commitment to stabilizing the economy and helping businesses recover.