Business

Pakistan’s exports post 17.5% record growth in October: Dawood

Karachi: Pakistan’s exports recorded a 17.5 per cent growth in October this year as those increased to $2.471 billion from $2.104 billion in October 2020.

Published 3 years ago on Nov 2nd 2021, 12:14 am

By Web Desk

Pakistan’s exports post 17.5%
record growth in October: Dawood

"This is the highest-ever export figure in any October in our history," a statement issued by the Ministry of Commerce said on Monday.

I am pleased to announce that ?? exports in Oct 2021 grew by 17.5% to $2.471 billion as compared to $2.104 billion in Oct 2020. This is the highest ever export in any October in our history. Our export target for October 2021 was $2.6 billion.
— Abdul Razak Dawood (@razak_dawood) November 1, 2021

Commerce Adviser Abdul Razak Dawood also took to twitter to express his satisfaction.

5)Raw Material & Intermediates USD 2,209 million, Petroleum, Coal & Gas USD 3,364 million, Vaccines USD 1,068 million and all others USD 478 million.@aliya_hamza @mincompk #Pakistan #exports #record
— Abdul Razak Dawood (@razak_dawood) November 1, 2021

It added that the export target for Oct 2021 was $2.6 billion.

During the July-Oct 2021 period, Pakistan's exports grew by 25pc to $9.468 billion, compared to $7.576 billion during the same period last year. The ministry's target for July-Oct 2021 was $9.6 billion.

Meanwhile, during the Jul-Oct 2021 period, imports rose by 64pc to $24.99 billion as compared to $15.19 billion during the same period in 2020.

"About 40pc of this increase is investment-driven (capital goods, raw material and intermediates), which indicates [an] expansion of industry and enhanced activity by industry," the ministry said.

The remaining 60pc of the imports were made up of petroleum, coal and gas (34pc); vaccines (11pc); food (8pc); consumer goods (2pc); and all others (5pc). "Most of this is inelastic in nature," the commerce ministry noted in its press release.

In absolute terms, the net increase in imports over the four-month period was $9.801 billion.

This comprised consumer goods worth $239 million, food $823 million, capital goods $1.620 billion, raw material and intermediates $2.209 billion, petroleum, coal and gas $3.364 billion, vaccines $1.068 billion, and all others $478 million, the statement concluded.