Pakistan Reports Highest March Exports in 10 Years
Pakistan’s exports have increased to $2.345 billion in March 2021; according to the provisional figures by the Ministry of Commerce, said Adviser to Prime Minister on Commerce and Investment, Abdul Razak Dawood, on Thursday.
He took to Twitter and announced, “Ministry of Commerce is glad to share that according to provisional figures; in March 2021 our exports increased to USD 2.345 billion. This is an increase of 13.4 percent over Feb-2021. It is the monthly highest in last ten years.”
He said that this is also the first time since 2011 that the country’s exports have crossed the $2 billion mark for six consecutive months. The export growth of 29.3 percent over March 2020 should not be considered as it is misleading since there was a lockdown last year, he noted.
The adviser wrote, “The imports in March 2021 grew to USD 5.313 billion, which is mainly due to increased imports of Petroleum, Wheat, SoyBean, Machinery, Raw Material, and Chemicals, Mobiles, Fertilizers, Tyres and Antibiotics & Vaccines in March 2021.”
For the 9-month period of July 2020 to March 2021 of the current Financial Year (FY); Pakistan’s exports have increased by 7 percent to $18.669 billion compared to $17.451 billion in the corresponding period last year. During the same period; the import grew by 12 percent to USD 39.210 billion this fiscal year compared to $34.817 billion in the last fiscal year.
This growth has come from an increase in the import of raw material and the import of wheat, sugar, and cotton, Dawood explained.
I am a freelance writer studying Mass Communication at the University of Karachi in the faculty of Media sciences. Also certified from Hubspot Academy as a Content Marketer.
