Good news for Pakistan on the exports front
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ISLAMABAD - For the fifth consecutive month, Pakistan’s exports have crossed $2 billion mark in February that would help in maintaining foreign exchange reserves.
“Ministry of Commerce would like to share that, Alhamdolillah, for 5th consecutive month, our exports have crossed the USD 2 billion mark,” said Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood on Twitter on Monday. He further said that country’s exports for February this year stood at $2.044 billion as compared to $2.140 billion in same period of the previous year (Feb-2020), showing a decline of 4.5 per cent.
Adviser also shared the eight months exports figures. Pakistan’s exports in first eight months (July to February) of the current fiscal year have increased by 4.2 per cent to $16.3 billion as against $15.64 billion in the corresponding period of the previous year. “We wish to congratulate our exporters for their hard work in earning the foreign exchange for the country and urge them to market their exports even more aggressively,” he concluded.
Exports in first eight months of current fiscal year have increased by 4.2pc to $16.3 billion as against $15.64 billion in corresponding period of previous year
However, Adviser to the Prime Minister on Commerce and Investment, has not shared the figures of imports, which are increasing from last few months, resulting in widening of trade deficit of the country. The ministry of finance in its recent monthly report noted that after a very strong monthly increase in December 2020, partly due to seasonal effects, imports came back to the normal levels in January 2021, resulting in a month on month (MoM) improvement in the trade balance.
Although they remain supported by the ongoing economic recovery and further increases in international commodity prices, imports in Feb 2021 are expected to remain lower or at around the same level observed in Jan 2021. On the other hand, owing to incentives provided to export-oriented industries, exports are expected to kick off up to a higher level. As a consequence, in the baseline scenario, the trade balance is expected to show further improvement as compared to the two previous months.
