ISLAMABAD: Prime Minister Advisor on Commerce and Investment Abdul Razak Dawood said on Friday that Pakistan’s goods and services export would cross $30 billion during this fiscal year.

He held a consultative meeting with the concerned officials of Commerce Ministry to gauge the reasons for the increase in imports and growth in exports during the first eleven months of current fiscal year.

He was informed that according to the provisional (PRE-PBS) foreign trade figures, in May 2021, exports have been on the higher side compared to May 2020. As a result, exports in May increased to $1.657 billion compared to $1.396 billion in May 2021. This shows an increase of 18.7 percent.

He was further informed that since there were extended Eid holidays to control the spike of Coronavirus, overall exports in May were also impacted.

The Advisor was informed that geographically, in May 2021 top exports’ destination were USA, China, UK, Afghanistan, Bangladesh, Australia, Sri Lanka, and Kazakhstan. He was also informed that imports in May 2021, grew to $2.863 billion which had mainly been due to increased imports of petroleum, palm oil, wheat, soybean, machinery, raw material & chemicals, fertilizers, and synthetic filament yarn.

Dawood praised exporters for improved performance during difficult times and contraction in Pakistan’s major markets and the difficulties created by the recent upsurge of Covid-19.

He said Pakistan’s exports of goods of 11 months stood at $22.56 billion and projected export of services during that period were $5.4 billion.

“We expect that by the end of this fiscal year, our exports of goods and services will cross $30 billion mark,” he added.

Dawood further stated that after Australia, now Japan had allowed mango export facility for Pakistan as Roomi Foods vapour heat treatment plant had been approved by Japanese authorities for export of mangoes from Pakistan.

Copyright Business Recorder, 2021