Exports Hit 30-Month High
Pakistan’s exports hit a 30-month high in November as total proceeds during the month clocked in at $2.155 billion — above the $2bn mark, latest data released by the Adviser to PM on Commerce and Investment Abdul Razak Dawood showed.
We have just received provisional figures for export of goods. I wish to congratulate our exporters that in these very difficult times with resurgence of Covid-19 cases in Pakistan and globally, our exports have increased by 7.2 percent in November 2020 over the same period last year, Dawood said in a tweet.
“Alhamdolillah, we have once again crossed the $2bn mark per month.”
I would like to share that in absolute value, our exports have increased to $2.156 billion in November 2020 as compared to $2.011 billion in November 2019.
For the first five months of the current year, the exports have increased to $9.732 billion as compared to $9.545 billion over the same period last year. This has been due to the hard work of our exporters and they deserve praise for this accomplishment, the advisor added.
He did share import figures or how much the trade deficit had either narrowed or widened during the month under review.
Pakistan’s exports have witnessed a major rebound over the last two quarters as orders from foreign markets have increased in view of the rising number of Covid-19 cases in other textile-producing nations and the ongoing US-China trade war.
Reports show that Pakistan has seen the booking of orders as far as March, 2021 and the textile units are working at 100pc capacity. On the other hand, Pakistan has been also diversifying its exports in the last year to attract new markets with a product mix away from the traditional textiles to electronics and leather products.