Pakistan's exports to US cross $5b, highest ever, says Dawood

Pakistan's exports continued to set milestones after its shipments to the United States crossed the $5-billion mark for the first time during the recently-concluded fiscal year, shared Advisor to the Prime Minister on Trade and Investment Abdul Razak Dawood in a series of tweets on Monday.

The development comes after Pakistan witnessed record-high exports of $ 25.3 billion in 2020-21, including $ 15.5 billion in textile and $ 2 billion in IT services, in fiscal year 2020-21, nearly $ 4 billion higher than the $ 21.4 billion achieved in 2019-20.

“We are pleased to inform that our exports to the US during FY2021 increased by 39% to $ 5.2 billion as compared to $ 3.7 billion during FY 2020, an increase of around $1.45 billion.

“This is the first time in our history that our exports to the US have crossed the $5-billion mark,” he said.

Pakistan records highest export of goods in FY21

“I commend the efforts of our exporters and our Trade & Investment Officers (TIOs) in the US. I urge our TIOs to provide all possible facilitation to our exporters for enhancing our exports further,” added Dawood.

Earlier, talking to media persons, Dawood informed that Pakistan has set a $35-billion export target for the current fiscal year.

Dawood is advocating a 'high-target, high-achievement approach', adding that milestones of $28 billion for goods and $7 billion for services for the current fiscal year 2021-22 have been set.

"We know it would be a Herculean task to achieve because the world is opening and everybody is going to get into the export market but everybody should move and try to make it achievable," he said.

Earlier, in a series of tweets on Thursday, Dawood congratulated Pakistani exporters for achieving the feat. “Our exporters have done it!! It gives me immense pleasure to share that our exports of goods during FY 2020-21 stand at $25.3 billion,” said the advisor.