ISLAMABAD: Pakistan’s e-commerce sector is rapidly making its mark on the global stage and is currently ranked as 46th largest market in the world, Pakistani state media reported on Sunday, citing the International Trade Administration (ITA) data.
The ITA is an agency in the United States Department of Commerce that provides practical information to help Americans select markets and products with the help of three sub-units, Industry and Analysis (I&A), Global Markets (GM) and Enforcement and Compliance (E&C).
Pakistan’s recent growth in e-commerce was fueled by a burgeoning middle class, widespread smartphone and Internet usage, improved e-commerce infrastructure, and robust government support, the state-run APP news agency reported.
“In 2023, the market generated $5.2 billion in revenue, positioning Pakistan ahead of many other developing nations,” the report read. “The sector is expected to maintain its momentum, with a compound annual growth rate (CAGR) of 5.92 percent from 2024 to 2029.”
Pakistan’s distinction as a mobile-first nation was evident, with over 80 percent of Internet users accessing the web via smartphones, according to the report. This mobile dominance was also reflected in e-commerce, where 58 percent of users made purchases through mobile devices in 2023 — a figure that is expected to rise further.
As of July 2024, the number of monthly active users of mobile shopping apps in Pakistan surpassed 16.6 million, showcasing rapid growth in mobile e-commerce and increasing consumer acceptance of app-based shopping, according to DataSparkle, which provides data insight services for enterprises, app developers, investors and research institutes.
“The lucrative potential of Pakistan’s e-commerce market has attracted both international and local platforms,” the APP report said. “Global giants such as Alibaba’s AliExpress and Amazon are making inroads into the Pakistani market, while homegrown platforms like Daraz, DealCart, and Savyour are also thriving.”
The expanding Pakistan e-commerce market has also piqued the interest of various international players, with platforms like SHEIN and Temu entering the top 15 shopping apps in Pakistan by mid-2024, it added.
Pakistan e-commerce market ascends to prominence, ranks 46th worldwide — report
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Pakistan e-commerce market ascends to prominence, ranks 46th worldwide — report
- Pakistan’s growth was fueled by a burgeoning middle class, widespread smartphone and Internet usage, improved e-commerce infrastructure
- The expanding market has also piqued interest of international players, with platforms like SHEIN and Temu entering top 15 shopping apps
Uzbekistan president arrives in Pakistan to increase trade, defense, energy cooperation
- Uzbek President Shavkat Mirziyoyev leads high-level delegation of ministers, business leaders on Feb. 5-6 visit, says state media
- Visit takes place days after Pakistan, Uzbekistan reaffirmed $2 billion trade target during intergovernmental commission meeting
ISLAMABAD: Uzbekistan President Shavkat Mirziyoyev arrived in Pakistan’s capital Islamabad on Thursday, with a high-level delegation to identify new avenues for bilateral cooperation in trade, defense, energy and other avenues, state-run media reported.
The visit takes place after the 10th session of the Pakistan–Uzbekistan Intergovernmental Commission (IGC) on Trade, Economic and Scientific-Technical Cooperation was held in Islamabad on Feb. 2. Both sides reaffirmed their $2 billion trade target and agreed to push for regional connectivity, develop trade routes and accelerate cooperation in several sectors.
Mirziyoyev was given a red-carpet welcome when his aircraft landed at the Nur Khan Airbase, the state-run Associated Press of Pakistan (APP) said. He was welcomed by President Asif Ali Zardari, Prime Minister Shehbaz Sharif and senior members of the cabinet.
“Discussions will focus on reviewing the entire gamut of bilateral relations and identifying new avenues to further deepen cooperation in diverse sectors, including trade, energy, defense, education, people-to-people exchange and regional connectivity,” APP reported.
The Uzbek president will meet President Zardari, hold delegation-level talks with Prime Minister Sharif, and address the Pakistan-Uzbekistan Business Forum during his visit.
Mirziyoyev’s visit takes place two days after Kazakhstan President Kassym-Jomart Tokayev arrived in Islamabad to hold talks on trade, business and connectivity.
Pakistan and Kazakhstan signed 37 memoranda of understanding (MoUs) and set a target of raising bilateral trade to $1 billion within a year during Tokayev’s visit.
Pakistan and Uzbekistan have steadily increased economic ties in recent years as Islamabad seeks greater access to landlocked Central Asian markets, aiming to position itself as a regional transit and trade hub linking South Asia with Central Asia.
Pakistan was the first Central Asian partner with which Uzbekistan signed a bilateral Transit Trade Agreement, along with a Preferential Trade Agreement in March 2022, covering 17 items, which became operational in 2023.
Pakistan’s finance ministry said last month that Azerbaijan’s state energy company SOCAR was set to finalize an investment in the country’s oil and gas sector following high-level engagements at the World Economic Forum in Davos.
