Pakistan witnesses highest ever exports in October 2021

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ISLAMABAD – Adviser to Prime Minister for Commerce and Investment Abdul Razak Dawood announced on Monday that Pakistani exports in October 2021 grew by 17.5% to $2.471 billion as compared to $2.104 billion in Oct 2020.

“This is the highest ever export in any October in our history. Our export target for October 2021 was $2.6 billion,” he wrote on Twitter.

“For the period Jul-Oct 2021, our exports grew by 25% to USD 9.468 million as compared to USD 7.576 billion during Jul-Oct 2020. Our target for Jul-Oct 2021 was USD 9.6 billion. During Jul-Oct 2021, our imports increased by 64% to $24.99 million compared to $15.19 billion during Jul-Oct 2020,” Dawood explained.

He said that about 40% of the increase is investment-driven (Capital Goods, Raw Material & Intermediates) which indicates expansion of industry and enhanced activity by industry.

“The remaining 60% of imports comprise Petroleum, Coal & Gas 34%, Vaccines 11%, Food (8%), Consumer goods (2%) and all others (5%). Most of this is inelastic in nature. In absolute terms, the net increase in imports over this period is USD 9.801 billion.

“Of this, the Consumer Goods are USD 239 million, Food USD 823 million, Capital Goods USD 1,620 million Raw Material & Intermediates USD 2,209 million, Petroleum, Coal & Gas USD 3,364 million, Vaccines USD 1,068 million and all others USD 478 million,” he added.

Read more: https://pakobserver.net/pakistans-exports-to-usa-increase-49-to-1565-million-in-3-months/

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