ISLAMABAD: The ministry of commerce is optimistic about achieving goods’ export target of $31 billion by the end of June as Pakistan’s exports registered a growth of 25% during first nine months (July-March) of current fiscal year 2021-22 compared to the same period of last fiscal (2020-21).
Goods’ exports reached $23.332 billion during the first nine months of current fiscal year, an increase of 25% against the same period of last year, the ministry of commerce reported, according to WealthPK.
Exports recorded $18.688 billion during the same period of last year (2020-21).
According to data released by the ministry, the country’s exports in March also grew by 17.3% and rose to $2.773 billion as compared to $2.365 billion in the same month of last year (2020-21).
Talking to WealthPK, Ayasha Humaira Chaudhry, spokesperson for the ministry of commerce, said exports are right on track to achieve the target of current year. “Our exports are in line with estimates and we expect to achieve our yearly target,” she added.
Exports in each month during the current year are showing growth against the same month of last year, she said. “An increase of $4.644 billion has been recorded in exports during the nine months of current fiscal year against the same period of last year,” the spokesperson added.
The commerce ministry spokesperson said that more increase in exports is expected during the last quarter of the current fiscal year. “Usually, we observe significant growth in exports during last two months,” she said.
Humaira Chaudhry said exporters are maintaining the momentum of exports with the passage of time which is necessary for achieving the high growth target.
The country’s goods’ exports in March declined by 1.66% as compared to exports during February. Export volume in February registered $2.82 billion.
According to the Strategic Trade Policy Framework (STPF) 2020-25, the ministry of commerce has set export target of $31.20 billion for 2021-22, $37.88 billion for 2022-23, $45.81 billion for 2023-24 and $57.03 billion for 2024-25.
Pakistan’s exports recorded their highest level of $25.3 billion during the last fiscal year with a major share of textile sector. Textile and clothing exports were $15.4 billion in 2020-21, or 64.28% of the country’s total.
The government and the textile industry have set $21 billion textile export target for the current fiscal year.
The exports of services during first seven months (July-January) of current fiscal year reached $3.944 billion as against $3.32 billion during the same period of last year, registering a growth of 18.82%.
The ministry of commerce has projected $7.5 billion target of services exports for the current fiscal year.
According to the data released by the ministry of information technology and telecommunication, the exports of telecommunication, computer and information services for the period from July 2021 to February 2022 have surged to $1.689 billion at a growth rate of 29.92% as against $1.3 billion during the same period of last fiscal year.
INP
