Pakistan's exports reach $2.35bn, highest figures for July

Pakistan’s exports figures during the first month of the current fiscal year amounted to $2.3 billion, the highest figures in July, said Advisor to Prime Minister on Trade and Investment Abdul Razak Dawood on Monday.

The advisor, in a series of tweets, said that during the month of July, Pakistan's exports grew at 17.3% to $2.35 billion as compared to $2 billion in July 2020. “These are the highest ever exports in the month of July,” said Dawood.

The advisor urged Pakistani exporters to move at ‘full speed’ ahead to make 2021-22 another record-breaking year for the country’s exports.

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.

Pakistan records highest export of goods in FY21

As per Pakistan Bureau of Statistics (PBS), during FY 2021, exports increased by 18.3 percent to $ 25.3 billion ($ 21.4 billion last year).

Major exported commodities included Knitwear posting growth of 36.6 percent, Readymade garments; 18.8 percent, Bed wear; 28.9 percent, Towel; 31.8 percent, carpet, rugs & mats; 36.9 percent, leather manufactured; 18.7 percent, while Fish and fish preparations posted 1.9 percent growth.

The increase in exports of value added products is due to low-base effect last year as export-oriented industries remained closed due to the Covid lockdown.

The Ministry of Finance in its latest monthly economic outlook projected the exports will remain at the same level and consequently, trade balance in goods and services will improve in coming months.