According to Razak Dawood, Adviser to Prime Minister for Commerce and Investment, Pakistan’s exports totaled $2.3 billion in March 2021, the highest since 2011, with monthly estimates showing year-on-year and month-on-month growth.
Imran Khan’s government was the first in the country to relax pandemic controls, allowing export units to reopen in April 2020, a month after they were shut down to stop Covid-19 from spreading.
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
Pakistan exported $386.3 million worth of goods to the United States in November 2020, compared to $278.8 million in imports. As a result of this bilateral trade, Pakistan earned $107.5 million.
Pakistan exported $347.8 million worth of products to the United States in January, while its imports totaled $315.0 million, resulting in a $32.8 million profit.
The Prime Minister’s Commercial Adviser also said that the 29.3 percent increase in exports from March 2019 to March 2020 should not be seen, as it is deceptive owing to the March lockdown, which slowed the industrial wheel to a crawl.
Pakistan’s exports rose 7% to $18.6 billion in the current fiscal year’s first nine months, compared to $17.4 billion in the previous fiscal year.
Meanwhile, a cotton crisis is said to be affecting export rates, as cotton is the primary manufacturing product for the textile industry, accounting for more than 60% of overall exports.
Analysts claim that the growth of the textile industry is related to the import of cotton from India in order to sustain the pace of the country’s textile exports.