In FY 2021, Pakistan's exports were at an all-time high: Razak Dawood
ByFaisal Chughtai | Published date:
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Pakistan's exports of goods hit a new highest record of $25.3 billion in FY 2020-21, surpassing the previous record of $25.11 billion in 2013-14, according to Advisor Prime Minister on Commerce Abdul Razak Dawood.
Dawood congratulated Pakistani exporters on their achievement in a series of tweets on Thursday. "Our exporters have done it!! It gives me immense pleasure to share that our exports of goods during FY 2020-21 stand at $25.3 billion," the adviser added.
According to the Head of Research, Tahir Abbas of Arif Habib Limited (AHL), the rise comes amid a resurgence in the global and regional economy as countries progressively emerge from the Covid-19-induced lockdown phase.
“Secondly, I would like to inform you 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.” he added.
According to the research director, the textile industry has been a significant contributor, responsible for more than half of the country's exports. "The much-anticipated government's Textile Policy would strengthen the industry, even more, providing exporters with a clear route for the long-term."
He anticipated the policy to go into effect within the next several months.
Meanwhile, Pakistan's goods exports for June FY21 were $2.7 billion, the biggest monthly total in the country's history. According to adviser Dawood, the previous high was $2.6 billion in September 2013.
"This is a tremendous success by our exporters despite the challenges imposed by COVID-19," said Abdul Razak Dawood. It was a difficult assignment since several countries went into lockdown, which significantly impacted business. Not only did our exports survive the crisis, but they improved in several areas. I congratulate our exporters for reaching this significant milestone."
Furthermore, service exports are expected to total $5.9 billion in FY 2021. As a result, the total value of products and services exported in FY 2021 is expected to exceed $31 billion, according to Dawood.
Exports of products and services are expected to reach $3 billion in June 2021, according to the Ministry of Finance's latest monthly economic forecast. The monthly estimate stated, "With imports projected to be almost double the level of exports, the trade balance may settle at around $3 billion."