ISLAMABAD: Merchandise exports grew 25.3 per cent in the first fortnight of the current month on a year-on-year basis, indicating a recovery of export-led industrial growth.

Official data compiled by the commerce ministry showed that export proceeds in the first 15 days of February reached $1.275 billion from $1.017bn over the correspondingperiodlastyear.

Commerce Minister Gohar Ejaz noted that these positive trends reflect the growth momentum that will be recorded in the remaining days of the current month.

`We hope that growth will continue in the remaining months of the current fiscal year,` the minister said.

The break up showed that textile and apparel exports grew 8pc to $682m from $631.3m in the corresponding period last year. The export growth in the manufacturing and engineering sector was recorded at 19.8pc to $214.9m this year against $179.5m in the corresponding period last year.

The agriculture and food products surged 82.8pc to $377.8m against $206.7m in the same period last year.

Food exports have consecutively been growing for the last six months.

The total export proceeds reached $19.041bn between July 1, 2023 to Feb 15 against $16.848bn over the corresponding period of last year. The break up showed that textile and apparel recorded a negative growth of 3.3pc to $10.433bn against $10.789bn in the correspondingperiodlastyear.

The export of manufacturing and engineering grew 14.6pc to $3.563bn in the first seven and half months against $3.109bn over the corresponding period of last year.

Similarly, the export of agriculture and good products surged 71pc to $5.043bn against $2.949bn in the same period last year.

Contrary to this, imports value declined by 21pc to $1.859bn in the first fortnight of February against $2.353bn in the same period last year. The import value dipped 17pc to $31.869bn in the first seven and half months of FY24 against $38.189bn in the same period last year.