Pakistan’s weapon exports have come a long way, with a 30 fold increase from the previous year to a whopping $415.650 million in the astonishing outgoing fiscal year 2022-23.
The State Bank of Pakistan (SBP) reported that in FY2023, export earnings for arms, ammunition, parts, and accessories skyrocketed to $415.650 million, a 3,045 percent increase from the previous year’s export earnings of $13.215 million.
The country has great weapon export
The country’s exports benefited greatly from the potential unlocked by money earned by exporting its defence production. Since agreements between nations regarding the transfer of weaponry and ammunition are treated as top secret information is not publicly available.
However, the country’s flagship JF-17 Thunder has drawn interest from a variety of buyer countries and has the potential to generate large export revenues. The Iraqi government has recently signalled its desire to purchase a fleet of JF-17s for its Air Force.
Pakistan has set an ambitious goal of $1 billion in defence exports annually, and with the recent increase it has seen, it has a good chance of reaching that goal.
To read our article about “Cabinet approved Personal Data Protection Bill 2023” click here.