Pakistan achieves export target in 2Q
ISLAMABAD: (Web Desk) Pakistan has achieved record-breaking export target surpassing expectations at the end of second quarter of Financial Year 2024, claimed the Ministry of Commerce on Thursday.
A statement issued by the ministry says, Pakistan has transitioned from facing potential default to achieving a record-breaking surplus in its current account, showcasing the nation’s resilience and commitment to economic stability.
In December 2023, Pakistan achieved an impressive current account surplus of $397 million. This surplus contributed to the overall surplus of $198 million in the second quarter of Financial Year 2024.
This substantial increase in surplus is a testament to the effective economic strategies implemented by the government, it stated.
The December 2023 surplus is particularly noteworthy when compared to the deficit of $365 million recorded in December 2022. This significant improvement has led to a remarkable 77% reduction in the Current Account Deficit (CAD), which now stands at $2.8 billion.
Minister of Commerce Dr Gohar Ejaz said that when the caretaker government assumed charge in July 2023, the deficit was $810 million.
Through a combination of higher exports and lower imports, the economic landscape has shifted positively, addressing challenges head-on.