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Thursday, January 26, 2023
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Pakistan’s export record 25 percent increase

In the nine months of the current fiscal year, Pakistan recorded an increase of $4.6 billion in the value of exports as compared to the previous fiscal year.

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According to the data released by the Ministry of Commerce, Pakistan’s exports for March increased by 17.3 percent to $2.7 billion as compared to $2.3 billion in March 2021. According to the data, Pakistan’s export in the first nine months of the current fiscal year grew by 25 percent to $23.3 billion as compared to the corresponding period of the previous fiscal year. In the nine months of the current fiscal year, Pakistan recorded an increase of $4.6 billion in the value of exports as compared to the previous fiscal year.

According to government estimates, Pakistan’s goods exports by the end of the current fiscal year would stand at around $ 31.2 billion, while the value of exports of services would stand around $7.5 billion. The government has projected that the accumulated value of exports of goods and services would approximate around $38.7 billion.

According to the data released by the Ministry, the average monthly exports of Pakistan hovered around $2.5 to $2.8 billion. Commenting on the recent development regarding exports of goods and services, the Advisor to Prime Minister on Commerce and Investment, Mr. Abdul Razak Dawood, said that “Our exports are in line with our targets & we expect to achieve our yearly target.” He also congratulated the exporters for “maintaining the momentum of exports under these testing times in the global market.”

However, the Pakistan Bureau of Statistics did not release the import data to which the advisor said that “import figures would be shared when finalized by the PBS.”

Read more: PTI government records 26 percent increase in exports in four years

According to data released by PBS, Pakistan’s trade deficit in the current fiscal year widened by 82 percent and reached $31.9 billion. The upward trend in trade deficit is a direct result of an increase in imports in the country. However, the incumbent government has taken initiatives, engaged with several regional countries, and signed trade agreements to bring down the trade deficit.

The advisor for commerce and investment, on March 11, met the Kazakh Ambassador, Yerzhan Kistafinin, to discuss customs cooperation, transit trade, and preferential trade agreements. After meeting with the Kazakh Ambassador, the adviser notified that the Kazakh Ambassador was fully committed to support the “Silk Route Reconnect” initiative and said that the Ambassador gave him his “full support.”

Several other Central Asian Republics have also engaged with the country to bolster economic cooperation. As a result of such diplomatic engagements, the Pakistan textile industry’s export value stood at around $1.69 billion, which is a huge improvement from last year. In February 2021, the textile exports were $1.23 billion.

Read more: Exports to Central Asia record 173 percent increase

Pakistan has also launched a Make In Pakistan Policy, as a result, major telecom companies have entered the local market as manufacturers. This would bump up Pakistan’s mobile exports and also increase job opportunities in the country.