ISLAMABAD: Exports from Pakistan set a record in 2020-21 by hitting $25.3 billion as against previous record high exports of $25.11 billion. Adviser to Prime Minister on Trade Razak Dawood disclosed this development on July 1, 2021. He congratulated Pakistani exporters for achieving another milestone of success despite coronavirus. He said. “It gives me an immense pleasure to inform Pakistanis today that our exports of goods during FY 2020-21 hit record high mark, $25.3 billion”.
According to Pakistan Bureau of Statistics (PBS) data, during fiscal year 2019-20, Pakistan’s exports decreased by 6.81 percent and amounted to $21.4 billion. Minister said that this 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.
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. Analysts 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.
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.