Pakistan’s goods exports hit a new high of $25.3 billion in fiscal year 2020-21, surpassing the previous high of $25.11 billion in 2013-14, according to Advisor to Prime Minister on Trade and Investment Abdul Razak Dawood.
Dawood congratulated Pakistani exporters on their achievement in a series of tweets on Thursday. “It was our exporters who did it!! It brings me great pleasure to report that our goods exports for FY 2020-21 are expected to reach $25.3 billion,” the advisor stated.
According to figures from the Pakistan Bureau of Statistics (PBS), Pakistan’s exports declined by 6.81 percent in fiscal year 2019-20, totaling $21.394 billion.
The news is a huge relief for Pakistan, which is trying to deal with a growing current account deficit and the pressure of repaying multibillion-dollar debts to international lenders.
According to the research director, the textile industry has been a significant contributor, accounting for more than half of the country’s exports. “The much-anticipated government’s Textile Policy would boost the sector even more, providing exporters with a clear roadmap for the long-term.”
Meanwhile, Pakistan’s goods exports for the month of June FY21 were $2.7 billion, the biggest monthly total in the country’s history. According to advisor Dawood, the previous high was $2.6 billion in September 2013.
The expected value of service exports in FY 2021 is $5.9 billion. As a result, the total value of products and services exported in FY 2021 is expected to exceed $31 billion, according to Dawood.
Exports of products and services are expected to top $3 billion in June 2021, according to the Ministry of Finance’s latest monthly economic outlook.
