Pakistan's exports surge 7.7% to $24.7bn in nine months

• Imports rise 6.3% to $42.6 billion in fiscal year 2024-25.
• Exports grow 1.95% year-on-year to $2.617 billion in Mar.
• Remittances surge 32.5% to $24 billion in FY25.
  

ISLAMABAD: Pakistan's exports grew by 7.7% to reach $24.7 billion during the first nine months of fiscal year 2024-25, driven by strong performances in textiles, rice, and other major agricultural products, The News reported.

The policymakers expect total exports to surpass $33 billion by June, aiming to sustain the momentum despite economic headwinds.

Imports over the same period rose 6.3% to $42.6 billion, driven by increased demand for machinery, fuel, and raw materials, further straining the country’s external position. As a result, the trade deficit widened 4.5% to $17.9 billion, underscoring ongoing challenges in balancing foreign exchange flows.

In March 2025, exports rose 1.95% year-on-year to $2.617 billion, while imports dipped 2.45% to $4.736 billion. The trade deficit for the month shrank 7.4% to $2.12 billion, offering some relief after consecutive months of rising deficits.

On a month-over-month basis, exports increased 5.1% from February, while imports fell 1.1%, the Pakistan Bureau of Statistics (PBS) reported Thursday.

The services sector also saw mixed results. In the first eight months of FY2024-25, services exports grew 6.03% to $5.46 billion, while imports surged 12% to $7.71 billion. The services trade deficit widened 29.85% to $2.25 billion. 

In February 2025, services exports climbed 5% to $710 million, while imports spiked 32.7% to $1.01 billion.

Despite the widening trade gap, Pakistan’s external account position remains stable, supported by a rise in exports and a sharp increase in remittances. The current account posted a surplus of $691 million in July-February FY25, reversing a $1.73 billion deficit from a year earlier. However, in February, the current account swung back to a $12 million deficit, compared with a $71 million surplus in February 2024.

Workers’ remittances surged 32.5% to $24 billion in the first eight months of FY25, up from $18.1 billion a year earlier, providing crucial support to foreign exchange reserves.