A consultative meeting was chaired by the Advisor to Prime Minister on Commerce and Investment, Abdul Razak Dawood to discuss the trade trends in December 2021.
The Advisor was informed that during the first half of the current Financial Year (FY), the exports during July- December 2021 increased by 25 percent to $15.125 billion as compared to $12.110 billion during the corresponding period last year. Additionally, the export target for the first half of the current FY, which was $15 billion, has been achieved.
Advisor Dawood was told that according to the provisional pre-PBS data, Pakistan’s exports during December 2021 increased by 16.7 percent to $2.761 billion as compared to $2.366 billion in December 2020, showing an increase of almost $400 million. Also, the export target for the month was $2.8 billion.
He was informed that there were indications that the growth in imports has started to decline. During December 2021, Pakistan’s imports decreased by $1 billion to $6.9 billion as compared to $7.9 billion in November 2021. He was informed that the import projection for December 2021 was $6.2 billion. As compared to December 2021, the imports increased by 37.9 percent to $6.901 billion as compared to $5.005 billion in December 2020.
The Advisor’s briefing entailed that according to the available data there was noticeable product and geographical diversification during December 2021. The exports of Fish & Fish Products, Plastics, Cement, Fruits & Vegetables, Petroleum products, Natural Steatite, etc increased. In terms of market diversification, there was an increase in exports to Bangladesh, Thailand, Sri Lanka, Malaysia, Kazakhstan, South Korea, etc.
Moreover, for the traditional sectors, there was an increase in the exports of Men’s Garments, Home Textiles, Rice, Women’s Garments, Jerseys & Cardigans, and T-shirts.
In response to his query, the Advisor was informed that in terms of traditional markets, as compared to December 2020, Pakistan’s exports to the United States, China, the Netherlands, and Spain increased in December 2021, while the exports to the United Kingdom, Germany, Afghanistan, Saudi Arabia, Russian Federation, Indonesia, and the Czech Republic decreased.
He was also notified that the exports of Fruits & Vegetables, Surgical Instruments, Electrical & Electronic Equipment, Tractors, Pearls, and Precious Stones had decreased in December 2020 as compared to the same month last year.
Dawood expressed his satisfaction with the growth of exports during the first half of the current FY. He advised the officials from the Ministry of Commerce to monitor the export growth so that the momentum is maintained and necessary interventions may be made if and when necessary.
