Pakistan's Tobacco Exports Surge, Boosting Trade Performance

Pakistan has experienced a notable surge in tobacco exports during the initial eight months of the financial year 2023-24. According to data released by the Pakistan Bureau of Statistics (PBS), tobacco exports from the country saw a substantial increase of 32.09% compared to the same period last year. The total value of tobacco exports stood at US $60.581 million from July to February 2023-24, marking a significant rise from US $45.863 million in the corresponding period of 2022-23. Additionally, the quantity of tobacco exported also witnessed a growth of 3.80%, reaching 17,378 metric tons.

However, despite the overall positive trend, there was a decline in tobacco exports on a year-on-year basis for the month of February 2024. The exports during February 2024 amounted to US $4.132 million, reflecting a decrease of 50.62% compared to February 2023. Furthermore, on a month-on-month basis, there was a substantial dip of 64.17% in tobacco exports in February 2024 when compared to January 2024, where exports were valued at US $11.531 million.

Looking at the broader trade scenario, Pakistan's overall exports have shown a healthy growth of 8.93% during the first nine months of the current fiscal year 2023-24. Total exports reached $22.914 billion from July to March 2023-24, up from $21.036 billion in the same period last year. In contrast, imports into the country decreased by 8.65% to $39.944 billion this year compared to $43.724 billion in the previous year.

The increase in tobacco exports reflects a positive trend in Pakistan's trade performance, contributing to the overall growth in exports for the country. Despite fluctuations in monthly figures, the upward trajectory in tobacco exports bodes well for the economy, while the balance between exports and imports indicates a favorable trade position for Pakistan in the global market.