ISLAMABAD: Caretaker Federal Minister of Commerce and Industry, Gohar Ijaz, released trade figures of the first 20 days of this month.
Through a statement issued on Tuesday, the minister celebrated what he claimed to be a 33.1 % year on year growth in the past 20 days of December.
”The Ministry of Commerce is pleased to announce significant achievements in Pakistan’s trade sector, ” said Minister of Commerce Dr. Gohar Ejaz adding that the positive trade figures and upwards trend showcases Pakistan’s resilience.
However a controversy ensued over the ministry’s choice of time period for which the data was released. It is believed that the caretaker minister used a cross-sectional data point to show his performance.
According to an official, there was no need to officially release a 20-day trade figure to show performance. The foreign trade performance is usually evaluated monthly, quarterly, half yearly or annually in Pakistan.
Even though the trade figures are accurate, the release of it 10 days before completing the month is surprising. According to sources, this was the first time that the Ministry released a figure of 20 days.
As per the figures shared by the Ministry of Commerce
Exports Surged during the period under question. Pakistan experienced a remarkable year-on-year increase in exports, totaling $479 million in the first 20 days of December 2023, marking a 33.1% growth.
Conversely, imports during the same period decreased by $405 million, indicating a -12.8% reduction and contributing to an $884 million improvement in the balance of trade for December 2023.
From July 1, 2023, to December 20, 2023, Pakistan’s exports soared to $14 billion, reflecting a notable year-on-year increase of $709 million (5.3%). Meanwhile, imports dropped from $29.2 billion to $24.3 billion, indicating a $4.9 billion year-on-year decrease and a resulting $5.6 billion improvement in the balance of trade.
Agricultural and food exports witnessed an extraordinary 109.2% year-on-year increase, totaling $574.6 million, while the textile, manufacturing, and engineering sectors showed a commendable 15% increase in exports during the same period.
Key export destinations, including Indonesia, United Arab Emirates, Madagascar, and China, saw substantial growth in Pakistan’s exports.