Pakistan’s ‘promising’ Tractor industry posts 43pc growth
- The advisor added that even more encouraging is the increase in export of tractors during the first half of FY 2020-21, especially Millat Tractors whose exports grew by 68pc in value to USD 6.9 million compared to USD 4.1 million in the previous year.
As Pakistan's economy moves towards the path of recovery, the country’s tractor industry has emerged among the ‘most promising’ export-oriented area with an impressive 43 percent growth in the first half of the fiscal year.
“Tractor industry is one of our most promising export-oriented area. I am glad to share that number of tractors sold in first half of FY 2020-21 increased by 43pc to 21,800 units as compared to 15,200 units sold in same period of FY 2019-20, showing an increase of 6,600 units,” informed Advisor to Prime Minister on Trade and Investment, Abdul Razak Dawood in a series of tweets on Friday.
The advisor added that even more encouraging is the increase in export of tractors during the first half of FY 2020-21, especially Millat Tractors whose exports grew by 68pc in value to USD 6.9 million compared to USD 4.1 million in the previous year. “In terms of quantity, Millat exported 850 tractors during the first half of FY 2020-21 as compared to 500 tractors in previous year showing a growth of 70% in quantity terms,” he said.
“I congratulate the tractor manufacturing industry for this outstanding performance and encourage them to strive even harder to increase their footprint in the international market,” added Dawood.
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