In a significant economic development, Pakistan’s exports soared to $2.345 billion in March 2021, marking a remarkable 13.4 percent increase compared to February 2021.
Abdul Razak Dawood, the Adviser to the Prime Minister of Pakistan for Commerce and Investment, announced this milestone on Thursday, hailing it as the highest monthly export figure in the past ten years.
This surge in exports also signifies a historic achievement, as it’s the first time since 2011 that Pakistan’s exports have consistently surpassed the $2 billion mark for six consecutive months. However, Dawood cautioned against comparing the growth to March 2020, citing the pandemic-induced lockdowns that significantly skewed last year’s figures.
“The export growth of 29.3 percent over March 2020 should not be considered as it is misleading since there was a lockdown last year,” Dawood emphasized, highlighting the need for contextual analysis when interpreting the data.
While exports flourished, imports also witnessed a notable uptick in March 2021, reaching $5,313 million. This increase in imports can be attributed to a surge in various commodities, including petroleum, wheat, soybeans, machinery, raw materials, chemicals, mobile phones, fertilizers, tires, and antibiotics, and vaccines.
Analyzing the broader trend, data for the nine-month period from July to March 2021 of the current financial year paints a picture of steady growth in exports. During this period, exports escalated by 7 percent, reaching $18.669 billion compared to $17.451 billion in the corresponding period of the previous fiscal year.
Conversely, imports during the same nine-month period saw a more substantial increase of 12 percent, soaring to $39.210 billion in the current fiscal year compared to $34.817 billion in the previous fiscal year. This surge in imports was primarily fueled by heightened demand for raw materials, as well as imports of essential commodities such as wheat, sugar, and cotton.
The sustained growth in exports bodes well for Pakistan’s economy, signaling resilience and competitiveness in global markets. It reflects positively on the government’s efforts to promote trade and investment, particularly amid the challenges posed by the ongoing COVID-19 pandemic.
Abdul Razak Dawood expressed optimism about the trajectory of Pakistan’s trade sector, underscoring the need for continued policy support and structural reforms to capitalize on the momentum and further boost exports. He reiterated the government’s commitment to creating an enabling environment for businesses to thrive and contribute to the country’s economic prosperity.
As Pakistan navigates its way through the complexities of global trade dynamics, achieving sustainable export growth remains a key priority. The latest surge in exports serves as a testament to the resilience of Pakistan’s export-oriented industries and sets a promising course for the country’s economic future.