Pakistan has achieved the $15.125 billion export target set for the first half of the fiscal year 2021-22 (July-December), according to the Ministry of Commerce.
The statement was made in a consultative meeting arranged by the ministry on Monday, January 3, which was chaired by the Advisor to Prime Minister on Commerce and Investment, Mr. Abdul Razak Dawood.
The advisor was informed that during the first half of the current Financial Year (FY), the period running from July 2021 through December 2021, exports increased by 25% year over year to USD 15.125 billion as compared to USD 12.110 billion during the corresponding period last year. The export target for the first half of the current FY, was USD 15 billion, according to the press release.
Trade trends in the month of December
The trade trends in December 2021 were also discussed in the meeting which included the following highlights:
- Pakistan’s exports during December 2021 increased by 16.7% to USD 2.761 billion as compared to USD 2.366 billion in December 2020, showing an increase of almost USD 400 million.
- Growth in imports seemed to decline i.e. Pakistan’s imports showed a decrease of USD 1 billion, from USD 7.9 billion in November 2020 to USD 6.9 billion in November 2021.
- Noticeable product and geographical diversification has been seen during December 2021.
- The exports of Fish & Fish Products, Plastics, Cement, Fruits & Vegetables, Petroleum products, Natural steatite, etc increased.
- In terms of market diversification, there was increase in exports to Bangladesh, Thailand, Sri Lanka, Malaysia, Kazakhstan, South Korea, etc.
- For traditional sectors, there was increase in the exports of Men’s Garments, Home Textiles, Rice, Women’s Garments, Jerseys & Cardigans and T-shirts.
- The exports of Fruits & Vegetables, Surgical instruments, Electrical & electronic equipment, Tractors, Pearls and Precious Stones decreased in December 2021 as compared to the same month last year.
Mr. Razak expressed his pleasure on the growth of exports during the first half of the current financial year. He advised the officials of the ministry to observe export growth so that the momentum is maintained and necessary interventions are made if and when necessary.
