Pakistan's agricultural machinery imports surge by 103% in first 7 months of fiscal year

ISLAMABAD: Pakistan's imports of agricultural machinery and equipment have witnessed 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 importing agricultural machinery and equipment reached $49 million, marking a substantial rise compared to the same period in the previous fiscal year. Furthermore, the country's imports of liquefied natural gas (LNG) also registered a notable growth of 5% during the same period. With foreign exchange spending totaling $2.29 billion from July to January 2023, the increase reflects the growing demand for LNG in Pakistan. In another positive development, Pakistan's cotton yarn exports soared by 49% on an annual basis in the first seven months of the current financial year. This surge in exports earned the country $670 million, showcasing a significant boost compared to the corresponding period in the previous fiscal year. Meanwhile, there has been a noteworthy increase in the trend of purchasing through credit cards, with a growth of 24.5% recorded 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 substantial rise compared to December 2022. However, amidst these positive indicators, Pakistan's foreign direct investment (FDI) experienced a decline of 21% in the first seven months of the current financial year. With FDI recorded at $689 million during this period, the decrease underscores the need for measures to attract more foreign investment to the country's economy.