MoC expects over 27pc exports growth YoY

ISLAMABAD: The Ministry of Commerce is expecting exports of $ 7 billion during the first quarter (July-September) 2021-22 as compared to $ 5.474 billion during the same period of 2020-21, showing over 27 percent growth.

However, imports are expected to be $ 18 billion during this period as compared to $ 11.311 billion, posting a growth of around 60 per cent.

The sources said, imports are likely to be over $ 6 billion in September 2021, which is already a cause of concern for the government.

According to sources, imports are far higher than the projections. Imports were higher in energy and food commodities. The government had also estimated Covid vaccine of $ 2 billion in the whole financial year, while its import was $ 1 billion in just two months, which has increased import figures.

The sources, however, maintained that when imports of Covid vaccine are excluded, imports will be around $ 17 billion.

The projection of 0.4 million tons of wheat import and sugar import will be rationalized in a week as provinces claim that they have enough stocks of both commodities.

Copyright Business Recorder, 2021