Friday, May 31, 2024

Asad Umar Forecasts $8.5 Billion Export Growth in 2022.

Pakistan’s exports are expected to increase by $8.5 billion over the current fiscal year 2021-22, surpassing the total rise in exports over the preceding ten years, according to Planning Minister Asad Umar.

“With the year’s (FY22) first-half trade data available, we are on track for a greater increase in exports of products and services in one year than in the ten years of PPP and PML-N governments from 2008 to 2018,” he tweeted on Thursday.

The country’s exports were $24 billion in fiscal year 2007-08, rising only $6.6 billion in ten years to $30.6 billion in FY18.

However, exports increased by $4 billion, or 27 percent, in the first six months of the current fiscal year, from $31.5 billion at the end of FY21. Exports are likely to reach the $40 billion mark by the end of the current fiscal year.

According to the Pakistan Bureau of Statistics (PBS), goods exports climbed by 24 percent in the first seven months of FY22, reaching $17.7 billion, up from $14.3 billion in the same period the previous year. The value of exports increased by $3.4 billion in absolute terms.

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