Pakistan exports to the United States increased 10.4% during the first eight months of the current fiscal year, largely driven by robust performance in textiles and clothing, which accumulates a report published on the PTV World website.
General exports to North America reached $ 4.2 billion in the period of July-February 2015, marking an year-on-year increase of 9.7%.
The increase was directed by the textile sector, which represented approximately 94% of total exports to the US., Underlining the continuous importance of the industry for the commercial balance of Pakistan.
The officials accredited the growth of government commercial reforms and the facilitation efforts of the Special Investment Facilitation Council (SIFC), which has tried to optimize investment and export processes.
The increase in exports is considered a welcome development for the Pakistan currency position, which remains under pressure despite the recent improvements in reservations.
Analysts say that the increase indicates a gradual recovery in the country’s export sector and reflects the growing demand for Pakistani goods in the key markets abroad.
They added that additional commercial gains could depend on global economic conditions and continuous structural improvements in export infrastructure.
In addition, the remittances of Pakistan are expected to have reached a record of $ 4.1 billion in March, the governor of the State Bank of Pakistan (SBP) Jameel Ahmad said on Monday, pointing out on Monday renewed economic impulse due to the fiscal crisis last year.
Speaking in the Pakistan Stock Exchange, Ahmad said it was projected that foreign exchange reserves would exceed $ 14 billion in June, helped by the increase in Pakistani tickets abroad and a better balance of payments.
Remittances increased to $ 3.12 billion in February, 40% more year -on -year and increased 3.8% month by month. Total tickets for the first nine months of fiscal year 2015 (July -Marzo) stood at $ 28.07 billion, an increase of 33% with respect to the same period last year.
According to Brokerage AKD Securities, March entries were mainly from Saudi Arabia ($ 987 million), the EAU ($ 842 million), the United Kingdom ($ 684 million) and the USA. UU. ($ 419m).
Ahmad added that Pakistan faced foreign debt obligations of $ 26 billion in fiscal year 2015, but around $ 16 billion was expected to be transferred or reduced, decreasing short -term pressure.
Despite a low-performance agricultural season, Governor SBP said that GDP growth would probably fall into the 2.5-3%range, below a potential of 4.2%, agricultural production met expectations.
Ahmad also pointed out a significant fall in inflation, calling to read the March Consumer Price Index (IPC) of 0.7% “interannual”, the lowest since December 1965.
The surprise decrease in inflation exceeded the expectations of the Ministry of Market and Finance, which predicted between 1% and 1.5%. It was greatly attributed to the fall in wheat prices, perishable food and electricity charges.
Pakistan faced a deep economic crisis in 2023, which caused a rescue of $ 7 billion from the International Monetary Fund. The IMF predicts that Pakistan’s growth gradually increases to 4.5% by 2029.
