- Monthly figures for June 2021 also register record
- Advisor to Prime Minister on Trade and Investment Abdul Razak Dawood congratulates exporters
Pakistan's exports of goods recorded their highest level of $25.3 billion during the fiscal year 2020-21, higher than the $25.11 billion recorded in 2013-14, informed Advisor to Prime Minister on Trade and Investment Abdul Razak Dawood.
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.
During fiscal year 2019-20, Pakistan's exports had decreased by 6.81 percent, clocking in at $21.394 billion, the Pakistan Bureau of Statistics (PBS) data revealed.
The development comes as a major relief for Pakistan that is struggling to cope with an increasing current account deficit and pressure of repaying multi-billion dollars of loans taken from international lenders.
The growth comes amid a rebound in the global and regional economy, as countries are slowly opening up from the Covid-19 induced lockdown phase, Arif Habib Limited (AHL) Head of Research Tahir Abbas told Business Recorder.
“Secondly, the Covid-19 situation in Pakistan has remained fairly under control, as compared to other countries in the region, which has allowed early resumption of economic activities in the country,” he said.
The research head said that the textile sector has been a major contributor, accounting for more than half the country’s exports. "The implementation of the much-anticipated government’s Textile Policy would further boost the sector, giving exporters a clear path for the long-run."
He expected that the policy would be implemented in the coming months.
Meanwhile, Pakistan's export of goods figures during the month of June FY21 stood at $2.7 billion, the highest for any month in the country’s history as well. “The previous highest was $2.6 billion in Sep 2013," said advisor Dawood.
“I salute our exporters for this great achievement which they have made possible despite the difficulties created at home and in our markets by Covid-19,” said Dawood.
Further, the export of services during FY 2021 is estimated to be $5.9 billion. Hence, the cumulative exports of goods and services during FY 2021 is likely to cross $31 billion, said Dawood.
The Ministry of Finance in its latest monthly economic outlook projected the exports of goods and services to exceed $3 billion in June 2021. “With imports expected to be about double the level of exports, the trade balance may settle at around $3 billion,” read the monthly outlook.