Pakistan recorded exports worth $2.3bn in March, highest since 2011

Pakistan has recorded exports worth $2.3 billion in March 2021, the highest since 2011, with monthly figures showing growth year-on-year and over the previous month, said Adviser to Prime Minister for Commerce and Investment, Razak Dawood.

Razak Dawood revealed the export numbers through his twitter account, where he wrote, “[The] ministry of commerce is glad to share that according to provisional figures, in March 2021 our exports increased to $2.345 billion. This is an increase of 13.4 per cent over February 2021. It is the monthly highest in last 10 years”.

“This is also the first time since 2011 that exports have crossed the $2 billion mark for six consecutive months,” Dawood said.

This is also the first time since 2011 that exports have crossed the $ 2 billion mark for six consecutive months. The export growth of 29.3% over March 2020 should not be considered as it is misleading since there was a lockdown last year.

— Abdul Razak Dawood (@razak_dawood) April 1, 2021

The Commercial Adviser of the Prime Minister also said that the export growth of 29.3 per cent over March 2020 should not be considered, as it is misleading due to lockdown in March last year, which kept the industrial wheel extremely slow.

For the nine month period of July-March of the current fiscal year, exports increased 7 per cent to $18.6 billion as compared to $17.4 billion in the corresponding period last year, according to the Ministry of Commerce’s data.

For the 9-month period of July-March 2021 of the current Financial Year (FY), our exports increased by 7% to USD 18.669 billion as compared to USD 17.451 billion in the corresponding period las year.

— Abdul Razak Dawood (@razak_dawood) April 1, 2021

Meanwhile, the shortage in cotton is said to upset the export rate, because cotton being the main industrial input of textile industry, accounts for more than 60 per cent of total exports.

India is the world’s largest cotton producer, and Pakistani government is not certain about giving a go-ahead to cotton and yarn import from India.

In this regard, analysts are of the view that textile industry’s growth is tied with cotton import from India to keep up momentum of textile exports from the country.

“It’s extremely important as there is significant shortfall in cotton production this year. Lack of cotton will result in reduced textile output and hence exports,” Saad Hashemy, an executive of Karachi-based BMA Capital said.