Umar forecasts $8.5b export growth

Exports of goods increased 24% in first seven months of FY22, says PBS

ISLAMABAD:

Pakistan’s exports during the current fiscal year 2021-22 are estimated to grow $8.5 billion against the previous year, which will be higher than the total growth in exports in 10 years of the previous governments, announced Planning Minister Asad Umar.

“With the year’s (FY22) first-half trade data available, we are on course for a bigger increase in exports of goods and services in one year than in the 10 years of PPP and PML-N governments from 2008 to 2018,” he said on his Twitter handle on Thursday.

In fiscal year 2007-08, the country’s exports were recorded at $24 billion, which rose only $6.6 billion in 10 years to $30.6 billion in FY18.

However, the exports, which were recorded at $31.5 billion by the end of FY21, rose $4 billion, or 27%, in the first six months of current fiscal year. It is expected that exports will achieve the target of $40 billion by the end of current fiscal year.

According to the Pakistan Bureau of Statistics (PBS), the exports of goods increased 24% in the first seven months of FY22 and stood at $17.7 billion as compared to $14.3 billion in the same period of previous year. In absolute terms, there was an increase of $3.4 billion in exports.

Published in The Express Tribune, February 4^th, 2022.

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