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Thursday, May 23, 2024

Pakistan’s exports hit record high of $2.9 Bn

Pakistan's export during November 2021 increased by 33 percent to a historic monthly high of USD 2.9 billion.

After surpassing the monthly target of $2.6 Bn, Pakistan’s export in November achieved a record high, clocking out at $2.9 Bn. Compared to the monthly exports of November last year, which clocked out at $2.17 Bn, Pakistan has made a 33 percent increase in its exports.

Coming out of the effects of the Corona pandemic, Pakistan has made strides to achieve the government’s export targets. Corona pandemic disrupted the world’s supply chains and led to a decrease in exports of countries worldwide. Most industries came to a halt as governments across the globe would not let cargo or passengers come in. Most of the commercial ships were stuck at ports, and global trade came to a halt.

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In the first five months of the current fiscal year, exports grew by 27 percent, hitting 12.365 Bn in dollar value, whereas exports in the first five months in 2020 could not even surpass 10 billion in dollar value and were stuck at around $9.7 Bn.

The Prime Minister’s advisor tweeted that “We are glad to inform that Pakistan’s export during Nov 2021 increased by 33 percent to a historic monthly high of USD 2.903 billion as compared to USD 2.174 billion during the corresponding period last year. Our target for the month was USD 2.6 billion.”

Some of it is due to the fact that coming out of the Corona hangover, countries are now opening up to the global market. However, much of it needs to be attributed to the incumbent government’s introduction of export-oriented policies. These export-oriented policies have made the medium and large-scale industries sustainable and capable of competing in the global market.

Most of the incentives provided by the government were focused on getting rid of the anti-export bias which was prevalent in the country. The country’s textile exports have soared to almost $20 Bn, and rice exports have also seen relative growth. The current government’s trade-related policies have provided a boost to the country’s industries.

The policies also paved the way for sustainable growth and made room for research and development in different sectors within the industry. The government is providing significant subsidies on the import of major raw materials, which has resulted in product diversification.

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In an interview with Global Village Space, the Prime Minister’s Advisor for Commerce and Industry also talked about expanding to non-traditional markets such as Africa, which is likely to show results in the near future. The government is also working on accessing regional markets by road as it is relatively cheaper. For this, they signed the TIR convention, which would significantly boost the country’s exports. The country seems to be on the right track in terms of incentivizing the export industry, but the OMICRON variant throws a challenge the government still might have to solve.