ISLAMABAD: Pakistan’s exports grew at their fastest pace in the current fiscal year in November thanks to post-pandemic recoveries in trading partners that pushed up demand for merchandise, a government official said on Wednesday.
Exports in November soared 33 percent to $2.9 billion from a year earlier — an all-time monthly high, Abdul Razak Dawood adviser to the Prime Minister on Commerce said in a tweet.
“We are glad to inform that Pakistan’s exports during November 2021 increased by 33 percent to a historic monthly high of $2.903 billion as compared to $2.174 billion during the corresponding period last year. Our target for the month was $2.6 billion.”
Dawood said the cumulative exports in the first five months from July to November 2021 recorded at $12.365 billion against $9.747 billion in same period of the last fiscal, depicting a growth of 27 percent. The government was eyeing $12.2 billion worth of exports during the period.
The adisor did not share imports data, expecting to be released soon and also outpace exports by a wide margin. For the last several months high imports have dented the country’s fragile foreign currency reserves and also affected the country’s balance of payment outlook. The country’s current account deficit (CAD) has already turned red, as the trade deficit is continuously ballooning. During October 2021, CAD recorded the highest deficit of $1.66 billion during the current fiscal. In previous month, it was at $1.3 billion. And from July to October, the combine deficit $5.08 billion against $1.33 billion surplus in same period of FY21.