Pakistan achieved the highest level of merchandise exports of $ 25.3 billion in the 2020-2021 fiscal year.
The exports were 18% higher as compared to last fiscal year.
In a series of tweets, the prime minister’s trade advisor Abdul Razzak Dawood boasted that merchandise exports in June 2021 totaled $ 2.7 billion, the highest monthly figure for the country.
“Exports of services are expected to be $ 5.9 billion for the full fiscal year,” he said. Consequently, the aggregate volume of exports of goods and services during the fiscal year is likely to exceed $31 billion.
He praised exporters for their accomplishments despite difficulties in the domestic and export markets in the face of the COVID-19 pandemic.
He said it was not an easy task as many countries were closed, seriously affecting business activities around the world. The aide to the Prime Minister expressed pride that Pakistani exporters not only survived the crisis, but also increased overseas supplies from many sectors.
“Significant rationalization of the textile value chain, raw materials for iron and steel production for all types of flat products, pharmaceutical raw materials, machinery and equipment in the budget for FY2021-22 will further boost exports going onwards,” Dawood said.
“With current measures, exports are expected to grow by 5% over the next two years.”
He said that efforts to rationalize tariffs over the past 2.5 years have reduced Pakistan’s weighted average tariff from 9.07% in 2018-2019 to 7.07% in 2021-2022, and “the tariffs are now comparable to those of regional competitors.” …
According to Razzak, the reduction in the weighted average tariff has led to lower production costs, job creation, the attraction of new investment and increased consumer welfare. He stressed that “tariff reforms will continue in the coming years.”
He said the government intends to study, analyze and reform the tariff structure in the agriculture, transport, and logistics sectors next year. Exports of goods in the 2020-2021 fiscal year increased to the US $ 25.3 billion mainly due to growth in the textile sector. Pakistan’s exports grew marginally 1% from a record $ 25.2 billion in fiscal 2014.
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