PM’s aide says data on imports will be shared soon
Adviser to Prime Minister of Pakistan for Commerce and Investment Abdul Razak Dawood has announced Wednesday that Pakistan’s exports increased to a record high of $2.9 billion in November this year.
It is a 33% YoY increase as the country exported goods and services $2.174 billion worth in November 2020. The adviser posted the latest figures on Twitter and said the data on imports will be shared “shortly”.
We are glad to inform that 🇵🇰 Pakistan’s exports during Nov 2021 increased by 🔼 33% to a historic monthly high of USD 2.903 billion as compared to USD 2.174 billion during the corresponding period last year. Our target for the month was USD 2.6 billion.— Abdul Razak Dawood (@razak_dawood) December 1, 2021
“During the first five months of this financial year our [Pakistan’s] exports increased by 27% to $12.365 billion as compared to $9.747 billion during the same period last year,” he added.
The advisor shared that the export figures surpassed the government export target of $2.6 billion. On a monthly basis, exports were up 18% as compared to $2.466 billion in October.
To enhance the export base, the government has set a target of $38 billion for exports of goods and services for the ongoing fiscal year.
According to analyst Adnan Sami Sheikh, inflation has been recorded globally in the commodity prices that impacted Pakistan’s exports. “Pakistan has been exporting expensive goods which led to an increase in the export revenue that increased the export value,” he said.
He added that the increase in exports could be “artificial” because once the commodity prices plummet it will bring down the export revenue.
Analyst Raza Jafari said that Pakistan’s exports rely on its textile products mostly. “There may be a seasonal increase in purchases of these products in the world,” he added. ۔
He termed the increase in export volume a positive sign for the economy.