Another positive development for Pakistan on the exports front
Pakistan’s exports have remained above $2 billion for four consecutive months, Adviser to Prime Minister on Commerce and Investment, Abdul Razak Dawood, announced through his Twitter profile on Monday.
This has happened for the first time in eight years, according to Dawood.
He wrote, “Alhamdolillah, I am happy to share that our exports have maintained growth & for the first time in 8 years, the exports have crossed the 2-billion mark in four consecutive months. Our export for Jan 2021 is up by 8 percent to $2.14 billion, compared to $ 1.98 billion in Jan 2020 according to provisional figures.”
A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities, while commenting on the exports said,
Although, it is too early to celebrate but 8% growth is a respectable trend. The country needs to grow at double digits to be able to feed the gap created by rising imports amid an expansionary economic policy.We need the $2.5b run-rate to see the results of the right policies. Otherwise, the currency would soon be under pressure after a few months.
Elaborating this, he said that the exports for July 2020 to January 21 have increased by 5.5 percent to $14.245 billion, as compared to $13.507 billion during the same period in the previous fiscal year. “Our cumulative exports for seven months of FY 2020-21 are showing a rising trend,” he said. ------------------------------
It is pertinent to mention here that the figures for imports or trade deficit have not yet been released. The data shared by the adviser is from the Ministry of Commerce, and the Pakistan Bureau of Statistics (PBS) is yet to release the import-export data.
Commending the exporters, Dawood said on Twitter, “Our exporters have achieved this feat despite difficulties created by COVID pandemic, regional export situation & contraction in major markets. Exporters please go full speed ahead in exporting your products & in case of any hurdle, inform MOC.”