[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]In the financial year 2022-2023, Pakistan’s export of arms and ammunition experienced a remarkable growth, increasing by a staggering 30 times compared to the previous year. According to data released by the State Bank of Pakistan (SBP), export receipts under arms, ammunition, parts, and accessories reached $415.650 million in FY2023, compared to just $13.215 million in the previous year, marking a substantial year-on-year increase of 3,045 percent.
The booming export earnings from the defense production significantly contributed to the country’s overall exports. While specific details of arms and ammunition deals remain highly confidential between nations, Pakistan’s flagship JF-17 Thunder has attracted interest from various buyer countries, potentially generating substantial export revenues.
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Notably, the Iraqi government recently expressed interest in acquiring a series of JF-17s for its Air Force.
With such outstanding growth in defense exports, Pakistan is well-positioned to approach its ambitious target of reaching $1 billion in defense exports per annum, a goal set by the country a couple of years ago.[/vc_column_text][/vc_column][/vc_row]
