Exports surge to $2.80bn in February

KARACHI: Exports surged to $2.80 billion in February FY2022 from $2.06 in the same month last fiscal, country’s top commerce official said on Wednesday, attributable to recent expansion and upgrade of exporting industries.

Abdul Razak Dawood, Adviser to Prime Minister on Commerce, in a message on the social media website Twitter, sharing the impressive performance of the sector said exports increased $100 million/day in February of this fiscal year.

“This is the fastest growth of exports in any month,” Razak said in his tweet quoting Pakistan Bureau of Statistics (PBS) provisional data.

Exports also registered month-on-month growth and were seven percent higher compared to January.

During the first eight months (July-February) of this fiscal year, Razak said exports improved impressively 26 percent over the same period a year ago.

Total exports during these months stood at $20.552 billion, compared to $ 16.324 billion in the corresponding months of the last fiscal.

Pakistan is struggling to cope with the widening trade deficit and the export growth has provided a much-needed respite to the external trade of the country.

However, the commerce adviser did not share the import figures for the period under review.

Commenting on the significant export performance of the country so far during the current fiscal, Tariq Samiullah, Head of Research at Pak-Kuwait Investment Company, said the export increased in value and volume because of expansion over the last several months.

“Expansion in the textile sector has particularly given the country a competitive edge in the international market...”

Tariq estimated that export sector had invested $5 billion in the last few years, boosting production and creating jobs.

According to analysts, this trend shows the country would be posting even higher growth in exports down the line.

“Exports are expected to grow by 30 percent by year end if the current trend continues in the months ahead,” an analyst said.

Pakistan has set a target of $ 31.2 billion for the export of goods during the current fiscal year.