Pakistan October exports set a new record, swell 17.5% to $2.47 billion

October exports

There has been an increase in the exports of the country by 17.5 percent during the month of October 2021 to $2.471 billion which was $2.104 billion in the same month last year.  

According to the statement issued by the Ministry of Commerce on Monday, “This is the highest export (figure) in any October in our history. The export target was 2.6 billion for October 2021.”

During the period from July to October 2021, Pakistan’s exports increased by 25 percent to 9.468 billion which was $7.576 billion during these four months, last year. The target for this period was $9.6 billion.

Read more: Export diversification strategy starts showing promising results

Abdul Razak Dawood, the Commerce Advisor to Prime Minister has expressed satisfaction over the condition in Twitter. The rising trend of exports reflects that country’s GDP increased to 3.5 pc during the outgoing fiscal year which was 0.5 pc in the previous financial year.

Highest-ever October exports

Najy Benhassine, the Country Director of World Bank to Pakistan comments, “With effective micro-lockdown, record-high remittance inflows and a supportive monetary policy, Pakistan’s economic growth rebounded in FY2021. These measures, together with the expansion of the Ehsas program and support to businesses, were key to strengthening the economy and recovering from the economic fallout associated with COVID-19.”  

However, the import bill has also been on the rising side during these four months but the other side of the picture is not discoursing as the 40 percent of the total imports consists of the capital goods, the total expenditure of which comes to $1.620 billion, the import of raw material and intermediates were worth $2.209 billion, while the import of consumer goods are worth $239 million, food items worth $823 million, petroleum, coal, and gas are worth $3.364 billion, the import of vaccine was worth $1.068 billion, and rest of imports during the four-month of this fiscal year were worth $478 million.

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