During the first ten months of the current fiscal year 2023 – 24, Pakistan experienced a significant increase in imports of mobile phones and telecommunications products, which surged by 438%.
According to the Pakistan Bureau of Statistics, from July 2023 to April 2024, the country spent $57.13 million on these imports, marking a substantial rise from the previous year’s figures. Simultaneously, Pakistan saw a remarkable boost in its rice exports, which increased by 76.23% during the same period, generating $3.063 billion in foreign exchange revenue a notable improvement from the prior year.
Furthermore, the overall exports of food products during these ten months also saw a notable increase, exceeding $2 billion in value.
In a related economic outlook, the World Bank projected that inflation in Pakistan will stabilize at 15% next fiscal year, a significant reduction from this year’s estimated rate of 26%.
The World Bank’s report on the Pakistani economy further highlighted that the economic growth rate for this fiscal year is expected to be 1.8%, with an anticipated increase to 2.3% in the next fiscal year, suggesting a gradual recovery in economic activities.
