Adviser notes 14pc increase in exports of Pakistan during July to May 2020-21

Adviser notes 14pc increase in exports of Pakistan during July to May 2020-21.

Prime Minister’s adviser for Commerce and Investment Abdul Razaq Dawood Friday presented comparison to the same period in FY 2019-20.

It noted the country’s exports had increased by 14 percent to US$ 22.563 billion.

Adviser notes 14pc increase in exports of Pakistan

On a monthly comparison with last year, in May 2021 the Exports increased by 18.7 percent to US$ 1.657 billion as compared to US1.396 billion in May 2020.

Abdul Razaq Dawood held a consultative meeting  to review the trade trends at the Ministry of Commerce.

According to a press release from the Ministry of Commerce, concerned staff updated him.

They informed that according to the provisional (PRE-PBS) figures; monthly exports in May, 2021 have remained on the higher side compared to May 2020.

As a result, the exports in May increased to US$1.657 Billion compared to US $1.396 Billion in May 2021.

This shows an increase of 18.7 percent.

Moreover, they further informed that extended Eid holiday to control the spike of Coronavirus also affected the overall exports in May.

Officials concerned informed that geographically; in May 2021 top exports’ destinations included USA, China, UK, Afghanistan, Bangladesh, Australia, Sri Lanka, and Kazakhstan.

Imports in May 2021 grew to US$2.863 billion, mainly due to increased imports of petroleum, palm oil, wheat, soybean, machinery, raw material and chemicals, fertilizers, and synthetic filament yarn.

Furthermore, Razak Dawood paid rich tributes to Pakistan’s exporters for this performance during difficult times despite the COVID-19 rise in May.

He hailed performance despite contraction in Pakistan’s major markets and the difficulties created by the recent upsurge of COVID-19.

GTV