Pakistan’s exports witness 14% increase with SIFC’s support

ISLAMABAD: Pakistan’s exports have seen a notable rise of fourteen percent at the start of this financial year, thanks to the backing of the Special Investment Facilitation Council (SIFC).

According to the data, exports grew by 620 million dollars, reaching a total of 5.1 billion dollars in August.

Facilitation of SIFC leading to development of petroleum sector

As a result of the rise in exports, the country’s trade deficit has shrunk to 3.6 billion dollars, down from 3.751 billion dollars at the beginning of the current fiscal year.

At the same time, imports of high-duty items, including vehicles, household appliances, and other consumer goods such as clothing, textiles, and footwear, saw a decrease of 1.3 percent in August.

With the assistance of SIFC, the government is exploring various strategies to enhance domestic exports and stabilize the economy. Recently, a trade liberalization plan has been finalized to stimulate the country’s exports and economic growth.

Additionally, the nation’s external debt has reduced over the past few months due to governmental efforts aimed at strengthening the economy.