We also imported more petroleum, chemicals, antibiotics
Pakistan exports increased to a ten-year high at $2.345 billion during March, according to provisional figures shared by the Ministry of Commerce. This is an increase of 13.4% over the previous month.
‘It is the monthly highest in last ten years,” tweeted Adviser to Prime Minister of Pakistan for Commerce and Investment Abdul Razak Dawood. “This is also the first time since 2011 that exports have crossed the $2 billion mark for the sixth consecutive month.”
The exports grew 29.3% over March 2020, when the country went into lockdown as coronavirus started to spread.
For the first nine months of the fiscal year 2021 (July to March), Pakistan exports increased 7% to $18.669 billion as compared to $17.451 billion in the corresponding period last year.
Meanwhile, imports increased to $5.313 billion. The import grew 12% to $39.210 billion in fiscal year 2021 so far (July to March) as compared to $34.817 billion for the same period last year.
“This growth (in imports) has also come from an increase in the import of raw material as well as the import of wheat, sugar and cotton,” Dawood said. More petroleum, wheat, soy bean, machinery, raw material and chemicals, mobiles, fertilizers, tyres and antibiotics and vaccines were imported.