ISLAMABAD: The government has revised the goods and services exports target to $38.5 billion for the current fiscal year 2021-22, as exports witnessed an upward trend in the first half of the ongoing fiscal, WealthPK reported.
The ministry of commerce said that exports’ target for goods has been set at $31 billion, and that of services at $7.5 billion, showing an increase of 23.27% over the last fiscal.
Pakistan’s total exports stood at $31.237 billion during last fiscal year with goods exports worth $25.3 billion and services $5.937 billion.
The government expects 22.52% increase in goods’ exports and 26.3% growth in services’ exports in 2021-22 against the previous year.
The government also expects a major increase of 65% in IT exports to reach $3.5 billion. IT exports were valued at $2.12 billion in 2020-21.
According to the commerce ministry, initial target of goods’ export was $27 billion, which has been revised to $31 billion because of an upward trend in exports during the first half of 2021-22.
Pakistan goods’ exports stood at $17.7 billion during the first seven months (July-January) of 2021-22 against $14.255 billion in the same period of last year, registering an increase of 24%.
Pakistan’s services exports have increased by 20% to $3.414 billion during the first six months (July-December) of the current fiscal year compared with the same period of last year.
According to the ministry, the country has achieved the exports target of $15 billion during first half of the current fiscal.
Minister for Planning, Development and Special Initiatives Asad Umar has said the country’s exports would grow substantially against the previous year.
“With the year’s first-half trade data available, we are on course for a bigger increase in exports of goods and services in one year than in the 10 years from 2008 to 2018,” the minister said recently on his Twitter account.
Saleh Ahmad Faruqui, secretary at ministry of commerce, said during a briefing to parliamentary committee on commerce that despite the challenges, Pakistan is on course to achieving the exports target in the current fiscal.
He said the ministry of commerce had revised target of goods’ exports from $27 billion to $31 billion because of the positive growth in exports during the initial months of 2021-22.
The ministry’s secretary said usually exports remained on higher side during the last three months of a fiscal. “We expect the export volume, especially of services sector, will be higher in May and June.”
Trade Development Authority of Pakistan chief executive Arif Ahmad Khan has also predicted that Pakistan’s exports of goods and services will top $38 billion mark in the ongoing fiscal year.
He said that Pakistan is focusing on African and Central Asian markets to diversify its exports. He added the country’s exports in textiles, rice and other food items are showing substantial improvement.
INP
