Pakistan’s goods exports experienced a significant rise of 17.6 percent year-on-year in September, reaching $2.94 billion compared to $2.50 billion in the same month last year. This increase also represented a 16.1 percent growth from August’s $2.53 billion, indicating a robust month-on-month improvement.
Notably, export growth outpaced import growth both annually and monthly in September, signaling strengthening economic momentum. For the first quarter of the 2026-27 fiscal year, covering July to September, exports totaled $8.42 billion, marking a 10.8 percent increase from the corresponding period last year. This amounted to nearly $825 million more than the exports recorded in the first quarter of the previous fiscal year.
The export gains were broad-based across key sectors. Agriculture and food exports rose by 23 percent year-on-year during the first quarter, while manufacturing, mining, and energy exports increased by 17 percent. Textiles and apparel, Pakistan’s largest export category, saw a more modest growth of 6 percent.
September itself witnessed particularly sharp increases, with agriculture and food exports surging 62 percent year-on-year. Manufacturing exports also expanded significantly, growing 35 percent compared to August.
Advisor to the Finance Minister Khurram Schehzad described the nearly 11 percent double-digit growth in the first quarter as an encouraging start to the fiscal year. He emphasized that the gains across all major sectors support Pakistan’s broader goal of achieving export-led, sustainable economic growth. Despite regional challenges, the sustained rise in exports and the accelerating momentum in September reflect a positive trend for the country’s trade performance.
In a significant development, Pakistan raised a record $3 billion through a dual-tranche Eurobond sale on September 3, marking its largest single international capital market transaction. The offering attracted nearly $6 billion in orders from a geographically diverse group of institutional investors.
The Eurobond issuance consisted of $1.75 billion in 5.5-year bonds with a 7.5 percent coupon and $1.25 billion in 10-year bonds at a 7.9 percent coupon. The strong demand for the longer-dated bonds was viewed as an indication of renewed investor confidence in Pakistan’s improving macroeconomic and credit outlook.
This transaction was the first under Pakistan’s renewed Global Medium-Term Note program and followed the country’s inaugural Panda Bond issuance along with improvements in its sovereign credit profile. The government’s strategy aims to diversify funding sources, extend debt maturities, reduce refinancing risks, and replace shorter-term or costlier obligations where economically advantageous.
The September sale followed a $500 million three-year Eurobond issued in April at a 6.975 percent coupon, which was increased to $750 million through a green-shoe option due to strong demand. Additionally, Pakistan repaid a $1.4 billion Eurobond that matured in April.
Successive credit-rating upgrades and renewed market access over the past three years have helped restore investor confidence. The government described the recent transaction as part of ongoing efforts to enhance sovereign debt management and establish longer-term financing benchmarks. The inclusion of five- and ten-year tranches also extended the maturity profile beyond the three-year bond issued in April, providing Pakistan with a broader range of financing options in international debt markets.
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