Pakistan’s exports up by 14% during July-May 2021
Pakistan’s exports increased by 14% to USD 22.563 billion during Jul-May 2021 compared to USD 19.801 billion in Jul-May 2020.
Imports in Pakistan have always been higher compared to exports. However, present government has been making efforts to increase exports and shrink imports in Pakistan.
This is an increase of USD 2.762 billion and the credit goes to our exporters for maintaining the momentum of our exports during a year marred by contraction and uncertainty in our major markets.
On a monthly comparison with last year, in May 2021 the exports increased by 18.7% to USD 1.657 billion as compared to USD 1.396 billion in May 2020.
Commerce ministry said the dip in exports to below 2 billion mark is due to EID holidays. The government had extended Eid holidays to curtail the spread of COVID during EID time.
Meanwhile, Pakistan’s imports are up by 12% to $ 39.210 billion from $34.817 billion in the previous fiscal year
Adviser to the Prime Minister on Trade and Investment Abdul Razzaq Dawood on Thursday said that Pakistan’s exports in the last nine months reached $ 18.65 billion up by 7 percent compared to $ 17.451 billion in the same period last year.
The adviser in a tweet said that exports increased by 7 percent for the nine months from July to March 2021 during the current fiscal year.
According to provisional statistics, our exports increased to $ 2.345 billion in March 2021, he said adding that this is an increase of 13.4% over February 2021. The advisor said that country registered the highest monthly increase during the last ten years.
He added that this is also the first time since 2011 that exports have crossed the $2 billion mark for six consecutive months.
During the same period, imports increased by 12% to $ 39.210 billion from $34.817 billion in the previous fiscal year. The adviser said the growth was due to increased imports of wheat, sugar, and cotton, as well as raw materials.
Razzaq Dawood said that imports in March 2021 reached $5,313 million in Pakistan mainly due to an increase in imports of petroleum, wheat, soybeans, machinery, raw materials and chemicals, mobile, fertilizers, tires and antibiotics, and vaccines in March 2021.
