The export rose by 13.4% month-over-month in March
A Ministry of Commerce meeting chaired by the Advisor to Prime Minister on Commerce and Investment, Abdul Razaq Dawood said that the Country’s exports crossed the $2 billion mark for the sixth consecutive month. The monthly export for March clocked a 13.4% increase at $2.35 billion, from $2.07 billion in the previous month.
Non-traditional goods help exports
The increase in monthly exports is attributed to the value-added and non-traditional products getting higher exports. Cement had the most increase by 61% over the year, followed by Home Textiles (34%), Men & Women Garments (29%), Rice (10%), Fruits & Vegetables, (54%) and Meat (47%). There was also a decrease in the exports of non-value-added products including Tobacco & Cigarettes (22%), Tents & Canvas (36%), Cotton waste (20%), and Tracksuits (14%) from the previous year month.
During March, USA, China, UK, Germany, Afghanistan and Kazakhstan were the main export destinations. On the other hand, exports to UAE, Bangladesh, Saudi Arabia, and Kenya declined during the month.
There was also an increase in imports during the month, which clocked at $5.31 billion. The increase was due to higher imports of petroleum, wheat, soybean, machinery, raw material & chemicals, mobiles, fertilizers, tyres and antibiotics & vaccines.
The provisional number for the first three quarters of the fiscal year has also been encouraging. For the period, the exports rose by 7%to $18.67 billion, moving upward from $17.45 billion in the prior-year period. Pharmaceuticals, garments, and cutlery were the main exports. Pakistan has done reasonably well with its exports despite COVID-19. The continuing trend bodes well for the country in the coming future.