Pakistan exports surge to $31.3b in FY21

Trade adviser said in a press conference that, as compared to the previous financial year (FY2020), exports increased by 18 per cent during 2020-21, despite the negative impact of Covid-19, the adviser said this while addressing a press conference here.

He said that during the outgoing financial year, the country’s merchandise exports stood at $25.3 billion, while services exports reached $6 billion. He said that during the last month of June 2020-21, domestic exports exceeded $2 billion.

In series of Tweets, the Adviser maintained that the exports of Goods in June 2021 were the highest for any month in our history at USD 2.7 billion.

Our exporters have done it!! It gives me immense pleasure to share that our exports of Goods during FY 2020-21 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.

— Abdul Razak Dawood (@razak_dawood) July 1, 2021

Secondly, I would like to inform that the exports of Goods in June 2021 were highest for any month in our history at USD 2.7 billion. The previous highest was USD 2.6 billion in Sep 2013.
Further, the export of Services during the FY 2021 is estimated to be USD 5.9 million.

— Abdul Razak Dawood (@razak_dawood) July 1, 2021

Hence, the cumulative exports of Goods and Services during FY 2021 is likely to cross USD 31 billion.
I salute our exporters for this great achievement which they have made possible despite the difficulties created at home & in our markets by COVID-19.@aliya_hamza

— Abdul Razak Dawood (@razak_dawood) July 1, 2021

Similarly, Information Technology (IT)  exports remained above $2 billion in the last Fiscal Year, he added.

He said that the government would sign a Preferential Trade Agreement (PTA) with Uzbekistan on July 7.

The government was working on ‘Tariff Rationalization’ and would rationalize 4,000 tariff lines in the next financial year 2022.

He told the media that raw materials, machinery and other items are being imported on 42% duty for the exports. The policy of raising the prices of raw materials was wrong.

Production of motorcycles and tractors has increased in the country, he added.

Razzaq Dawood said that the import figures are not alarming, “we have to import sugar and wheat, the cotton crop was damaged due to rains,”

The trade adviser said that tractors are being exported to Africa, Iran, Syria and other countries while there are problems on the eastern border of Pakistan.