Exports surge by 27.78% to $28.8bln in 11 months

Islamabad: The exports from the country witnessed an increase of 27.78 percent during the first eleven months of the current fiscal year (2021-22) as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

According to Pakistan Bureau of Statistics (PBS) data, the exports from the country were recorded at $28.848 billion during July-May (2021-22) against the exports of $22.576 billion recorded during July-May (2020-21), showing growth of 27.78 percent.

The imports during the months under review also went up by 44.28 percent by growing from $50.028 billion last year to $72.182 billion in July-May (2021-22).

Based on the data, the trade deficit during the period under review was recorded at $43.334 billion, showing an increase of 57.85 percent over the deficit of $27.452 billion recorded during last year, the PBS data revealed.

Meanwhile, on year-on-year basis, the exports of the country increased by 55.66 percent during May 2022 as compared to the exports of same month of last year. The exports during the month under review were recorded at $2.601 billion against the exports of $1.671 billion during the same month of last year.

The imports into the country increased from $5.297 billion in May 2021 to $6.644 billion in May 2022, showing growth of 25.43 percent.

On month-on-month basis, the exports from the country declined by 10.22 percent during May 2022 as compared to the exports of $2.897 billion recorded during April 2022.

On the other hand, the imports into the country during May 2022 witnessed decrease of 0.52 percent as compared to the imports of $6.679 billion in April 2022, according to the PBS data.

Meanwhile, the services exports from the country also grew by 18.21 percent during the first 10 months of the current fiscal year and were recorded at $5.788 billion against exports of $4.897 billion last year.

SOURCE: APP