Pakistan Reports Ten-Year High Exports in Fiscal Year 2021
In a press briefing, Dawood said that Pakistan’s export growth, increased 18% in the last financial year. Exports in June were $2.7 billion, which was the highest in a single month. Dawood praised exporters for higher volume. Export in the services sector were $6 billion and so the combined total exports (of goods plus services) were $31 billion. Dawood said that he was against increasing tariffs to increase government revenue.
Pakistan Reports Ten-Year High Exports:
“Changing tariffs is not easy. This should be a three- or four-year plan,” he said. “In the last three years, 6,000 tariff lines have been changed.” Forty-two percent of the import of raw materials and machinery has become duty-free but tariffs still need to be further reduced, he said. Next year, tariffs on agriculture, iron ore, and warehousing will be reduced. Tariffs for pharmaceuticals, footwear, tourism, food processing, and fiber optics have already been reduced.
#Pakistan Had its Highest Ever #Exports in FY 2021: Razak Dawood
Pakistan’s exports of goods during the FY2021 were recorded at $25.3 billion, announced Adviser to Prime Minister on Commerce, Abdul Razak Dawood, through Twitter. pic.twitter.com/Rcjif5reOv
— Developing Pakistan (@developingpak) July 1, 2021
Textile exports increased 18.85%, while pharmaceutical export increased 27%. Export of copper and copper derivatives increased 44%. However, rice exports declined 8% and cotton yarn exports declined 2%; raw leather by 16%, and plastic export by 6%. “It is a good sign that our exports grew despite the lockdowns around the world,” he said. “The pandemic reduced export to all countries in the region, except Bangladesh. Bangladesh’s exports increased by 13%. ” Dawood said that they were hopeful that Pakistan’s export will increase in the next two years. He said that preferential trade agreements need to be signed with Uzbekistan. The Silk Road route project needs to be discussed. Dawood said transit trade and preferential trade agreements will also be signed with Afghanistan.
