ISLAMABAD (Special Correspondent) – Federal Minister for Planning, Development and Special Initiatives Professor Ahsan Iqbal announced on Thursday that Pakistan has achieved encouraging growth in exports and workers’ remittances during the first quarter of the current fiscal year, despite facing significant disruptions in global markets, supply chains, and logistics. The economic indicators were highlighted in the latest Monthly Development Update Report.

Key Points

• Exports of goods increased by 7.7 percent to $8.5 billion compared to $7.9 billion in the same period last year.
• Combined exports of goods and services rose by 11 percent, reaching a total of $11.2 billion.
• Information and Communication Technology (ICT) exports climbed to $1.2 billion from $1.1 billion.
• Workers’ remittances saw a 14 percent growth, rising to $10.9 billion from $9.5 billion last year.

Sectoral Performance and Growth Trends

Minister Ahsan Iqbal provided a detailed breakdown of the country’s encouraging growth in exports and remittances across various sectors. Food exports recorded a 17.1 percent increase, while petroleum products surged by 44.5 percent. Additionally, engineering goods and textiles grew by 5 percent and 2.5 percent, respectively. The minister attributed the 11 percent rise in combined exports largely to a robust 22.8 percent expansion in services exports.

Resilience in the Digital and External Sectors

The performance of the digital economy remained a notable contributor, with the Information and Communication Technology (ICT) sector reaching $1.2 billion in exports during the first quarter. This marks an improvement from the $1.1 billion recorded in the corresponding quarter of the previous year. Furthermore, the minister emphasized the vital role of overseas Pakistanis, whose contributions bolstered the national economy through a 14 percent increase in remittances. Looking ahead, Ahsan Iqbal expressed optimism regarding the country’s export outlook, citing the demonstrated resilience of the national economic framework amidst international supply chain challenges.

Frequently Asked Questions

What was the growth in combined exports of goods and services?

Combined exports of goods and services increased by 11 percent to reach $11.2 billion during the first quarter of the fiscal year.

How much did workers’ remittances increase during the first quarter?

Workers’ remittances rose by 14 percent, increasing to $10.9 billion from $9.5 billion in the corresponding quarter of the previous fiscal year.