Wednesday, November 29, 2023

Exports reached $2.3 billion for the first time in a decade

Pakistan’s exports totaled a decade of $ 2.3 billion in March, with monthly figures showing year-over-year growth, trade advisers said Thursday.

“The Commerce Department is proud to announce that preliminary figures show that our exports rose to $ 2.345 billion in March 2021. This is an increase of 13.4% from February 2021. This is the highest monthly figure in the last 10 years.”, Razak Dowd, wrote on Twitter.

“It is also the first time since 2011 that exports have surpassed the $ 2 billion mark for the sixth consecutive month.”

However, trade advisers called the annual growth misleading because last year’s blockade made the industry’s wheels very slow. “The 29.3% export growth from March 2020 should not be considered misleading because there was a deadlock last year,” said Dowd.

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For the nine-month period from July to March of the current fiscal year, exports rose 7% to $ 18.6 billion, compared with $ 17.4 billion in the same period last year, according to the Commerce Department.

Exports are expected to be disrupted by a shortage of cotton, the textile industry’s main industrial import, which accounts for more than 60 percent of total exports.

The government is unsure whether to give the green light to imports of cotton and yarn from India, the world’s largest cotton producer. Analysts said the growth of the textile industry was linked to cotton imports from India to offset the country’s textile exports.

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