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Pakistan Achieves Great Success In Trade As Exports Hit Record High

Muhammad UsmanMultimedia Journalist

28th May, 2021. 05:46 pm
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Pakistan exports

Pakistan achieved great success in the field of trade, the country’s exports reached the highest level in history.

According to details, despite the Corona outbreak, the demand for Pakistani goods in the global market has increased, the World Bank has released statistics.

From July to April of the current financial year, exports of goods and services increased by 6.2 percent, while exports of goods as a whole increased by 6.7 percent and exports of services by 3.8 percent.

Sources said that Pakistan’s exports to the United States increased by 20 in 10 months.

Pakistan’s exports to the UK increased by 22% and to China by 16.3%, while Pakistan’s exports to Germany increased by 11.7% and to the Netherlands by 8.6%.

In 10 months, Pakistan’s exports to Argentina declined by 11.5% and to Spain by 10.9%. In the first 10 months of the current financial year, imports increased by 12.2%.

From July to April of the current financial year, imports from China have increased by 38.8%.

Earlier, adviser to Prime Minister of Pakistan for Commerce and Investment Abdul Razak Dawood said that the country’s exports in March stood at $2.345 billion and increased by 13.4% in March as compared to February, while for the first time since 2011, exports exceeded $2 billion for the sixth consecutive month.

In a series of Tweets, the adviser said, “Ministry of Commerce is glad to share that according to provisional figures, in March 2021 our exports increased to USD 2.345 Billion. This is an increase of 13.4% over Feb-2021. It is the monthly highest in last ten years.”

He said, “This is also the first time since 2011 that exports have crossed the $ 2 billion mark for six consecutive months. The export growth of 29.3% over March 2020 should not be considered as it is misleading since there was a lockdown last year.”

The advisor further added, “The imports in March 2021 grew to USD 5,313 million which is mainly due to increased imports of Petroleum, Wheat, Soy Bean, Machinery, Raw Material & Chemicals, Mobiles, Fertilizers, Tyres and Antibiotics & Vaccines in March 2021.”

“For the 9-month period of July-March 2021 of the current Financial Year (FY), our exports increased by 7% to USD 18.669 billion as compared to USD 17.451 billion in the corresponding period last year,” said the advisor.

Abdul Razak Dawood said during the same period, the import grew by 12% to USD 39.210 billion this FY as compared to USD 34.817 billion in the last FY. This growth has come from the increase in the import of raw material as well as the import of wheat, sugar and cotton.

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