Exports to China surged by 34 per cent to $2.33 billion in last fiscal year

ISLAMABAD - Pakistan’s exports to China increased by 34 per cent to $2.33 billion in the last fiscal year. Pakistan’s exports to China have enhanced by 34 per cent to $2.33 billion in year 2020-21 as compared to $1.74 billion in the previous FY, increasing by $586 million. “I’m pleased to share that our exports have done quite well in our major markets. During FY 2021, our exports to China increased by 34% to $2.33 billion as compared to $1.74 billion in the previous FY, increasing by $586 million,” said Abdul Razak Dawood, Adviser to the Prime Minister on Commerce and Investment on Twitter. The country’s exports to Germany grew by 19 per cent to $1.5 billion over previous financial year’s $1.3 billion. The exports to the Netherlands increased by 23 per cent to $1.2 billion as compared to the previous FY’s $1 billion. The exports to Poland increased by 28 per cent to $308 million in FY2020- 21 as compared to $241 million FY 2019-20. “Our exporters have accomplished this despite the problems created by the COVID-19 pandemic & they deserve credit for it,” adviser added. According to the details, Pakistan’s exports to the United States (US) during FY2021 increased by 39 per cent to $ 5.2 billion as compared to $ 3.7 billion during FY 2020, an increase of around $1.45 billion. This is the first time in the history that country’s exports to the US have crossed the $5 billion mark.

Pakistan’s overall exports reached $25.3 billion in last fiscal year, highest ever in country’s history

Pakistan’s overall exports have reached $25.3 billion in last fiscal year, highest ever in country’s history. Exports of goods during FY2020-21 stand at USD 25.3 billion. These are the highest-ever exports of goods in the history of Pakistan. The previous highest was USD 25.1 billion in 2013-14. The exports in June 2021 were also the highest for any month. The export of services for FY21 is projected to be $5.9b while the cumulative exports of goods and services during FY21 will cross $31 billion. Textile exports increased 18.85 per cent, pharmaceutical 27 per cent and copper and copper derivatives 44 per cent, respectively. Rice exports declined 8 per cent, cotton yarn 2 per cent, raw leather 16 per cent and plastic 6 per cent, respectively. “Exports recovered from negative impact of COVID-19 primarily due to government support for export sector that helped it to capitalize on the market share gain opportunities arising from economic contraction within the region,” the government stated in recent Annual Plan 2021-22. Due to lockdowns in many countries, production slowed down which resulted in shortages and increase in prices of some of the commodities at international level which led to mixed trend in price and quantum effects of selected export items. The officials in Commerce Ministry believed that Pakistan’s exports would further increase in the ongoing fiscal year as the government had provided incentives to the exporters in the budget. Meanwhile, the government is likely to announce the much awaited trade policy, which would give further incentives to the exports sectors.