ISLAMABAD: Pakistan’s import of agricultural machinery and equipment has registered a remarkable increase of 103% in the first seven months of the current financial year. According to data released by the Pakistan Bureau of Statistics, the country’s expenditure on import of agricultural machinery and equipment reached $49 million, a significant increase compared to the same period of the previous fiscal year.
In addition, imports of liquefied natural gas (LNG) also saw a significant increase of 5 percent over the same period. With foreign exchange spending totaling $2.29 billion from July to January 2023, this increase reflects growing demand for LNG in Pakistan.
Another positive development is that Pakistan’s cotton yarn exports have grown by 49% year-on-year in the first seven months of the current financial year. This increase in exports earned the country $670 million, a significant increase compared to the corresponding period of the previous fiscal year.
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Meanwhile, there has been a notable increase in the trend of credit card purchases, with a 24.5 percent increase seen in December. According to statistics released by the State Bank, consumers spent a total of 108 billion rupees through credit cards in December 2023, indicating a significant increase compared to December 2022.
However, amid these positive indicators, Pakistan’s foreign direct investment (FDI) has seen a decline of 21 percent in the first seven months of the current financial year. With FDI recorded at US$689 million during the period, this decline underscores the need for measures to attract more foreign investment into the country’s economy.
