Pakistan's State Bank notes export growth in 1HFY23-24

The State Bank of Pakistan (SBP) has reported that the country’s cement sector shows significant export growth during the 1HFY23-24.

Cement production saw a modest rise of 1.9 per cent during 1HFY23-24, largely attributed to the increased export volume. This was further bolstered by a surge in domestic sales in the last few months. Cement demand in the country’s export destinations, including Afghanistan, Bangladesh, Hong Kong, Germany and Ghana, nearly doubled to 3.7Mt during 1HFY23-24.

Also, domestic dispatches slightly increased by 1.7 per cent in the current period. However, subdued domestic demand and increased coal prices somewhat dented cement production.

Pakistan’s macroeconomic conditions improved during 1HFY23-24, according to the SBP's Economy Report for 1HFY23-24. The report contains the analysis prepared on data for the July-December 2023. According to the report, the real economic activities moderately recovered against the contraction last year, while a stand-by arrangement with the IMF helped reduce stress on external accounts.