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Thursday, July 18, 2024

Pakistan’s Exports grow 4.3 percent YoY

Mr. Abdul Razzak Dawood tweeted congratulating exporters for their hard work, saying that for the 5th consecutive month country's exports have crossed the $2 billion mark.

Pakistan has seen a 4.3% increase in exports during 8MFY 2021 when compared with 8MFY 2020. The country has posted exports of $16.3 billion from July 2020 to February 2021, compared to $15.6 billion during the same period of last year.

According to Mr. Abdul Razak Dawood, SAPM on Commerce and Investment, for the 5th consecutive month, the exports have crossed the $2 Billion mark. However, exports in February 2021 (28 days) stood at $2.044 billion as compared to $2.140 billion for February-2020 (29 days), posting a decline of 4.5 percent.

Mr. Dawood said, “We wish to congratulate exporters for their hard work in earning foreign exchange for the country and urge them to market their exports even more aggressively.” He said this while tweeting on Twitter:

However, the commerce ministry has not shared the data on imports over the last 8 months. This is important because if the imports have increased from the last year as well, it might mean that the economy is in a trade deficit.

Historically, on a YoY basis, imports in 8MFY July-February 2020 had fallen to $4.185 billion from $31.515 in the same period of the preceding year, which had come down from $36.563 billion.

Read More: $2 million worth of trade orders received by Pakistan in international trade fair

Market insiders suggest that the imports have increased substantially to support the resumption of industries post lockdown. This means that the trade deficit might have widened.

Pakistan’s trade deficit has gone to be the second-highest in five years’ time with PKR 422,370 million in December 2020.

trade deficit