In July 2024, the first month of the fiscal year, Pakistan‘s trade landscape underwent notable changes, as reported by the Pakistan Bureau of Statistics (PBS).
Car imports more than doubled to $23.29 million, reflecting strong consumer demand despite economic challenges. Similarly, car assembly activity increased, with parts valued at $34.2 million imported.
In contrast, smartphone imports fell by 5.3% to $64.5 million, following a peak year, likely due to import restrictions and economic pressures on consumer spending.
On a positive note, food exports soared by 45% to over $475.7 million, driven by sharp increases in rice and sugar shipments. Basmati rice exports jumped 135%, while sugar exports surged by 590%, showcasing Pakistan’s expanding presence in global trade.
These developments highlight significant shifts in Pakistan’s trade dynamics, influenced by changing consumer preferences and broader economic factors.