Pakistan’s Exports Drop Below $2 Billion Despite Annual Increase

According to the figures released by the Ministry of Commerce, Pakistan’s exports from July 2020 to May 2021 had increased by 14 percent to $22.563 billion, up from $19.801 billion recorded in the 11 months of the previous fiscal year. The Adviser to the Prime Minister for Commerce, Abdul Razak Dawood, tweeted on Wednesday that this increase of $2.762 billion is due to the efforts of Pakistan’s exporters who had maintained “the momentum of exports during a year marred by contraction and uncertainty in our major markets”. ALSO READ SBP Amends Rules to Encourage Banks to Increase Investments in Real Estate On a monthly comparison, the exports had increased by 18.7 percent in May 2021 to $1.657 billion, as compared to $1.396 billion recorded in May 2020, the adviser wrote. ALSO READ FPCCI Organizes Webinar Session on PSW in Collaboration with FBR He said, “The dip in exports to below [the Rs.] 2 billion mark is because of extended Eid holidays, which was done to curtail the spread of COVID-19 during Eid time”.