ISLAMABAD: On Friday according to figures issued by the commerce ministry in the first nine months of this fiscal year, Pakistan’s merchandise exports increased by 25% compared to the same period last year.
In absolute terms, from July-March export revenues increased to $23.332 billion. The significant devaluation of the rupee, along with many support measures, has resulted in a rise in exports.
On Friday, Commerce Advisor Abdul Razak Dawood remarked, “Our exports are in line with our expectations, and we hope to meet our yearly target.” The government has set a target of $31.2 billion in yearly commodity exports and $7.5 billion in annual service exports.
In March, export revenues increased 17.3 percent to $2.773 billion, up from $2.365 billion the previous month. The typical monthly export revenues range from $2.5 billion to $2.8 billion.
In FY21, export revenues increased by 18% to $25.294 billion, up from $21.394 billion the previous year.
The government adopted the new Strategic Trade Policy Framework (STPF) 2020-25 in December, which includes a series of policy initiatives aimed by the end of 2024-25 at increasing annual exports to $57 billion.
Since 2009 this is the government’s fourth strategic framework, and by providing subsidies and other forms of support to non-textile industries it has set aside Rs44.72 billion to implement it over the next five years.
At the same time, the government adopted the Textile and Apparel Policy (TAP) 2021-25 in February, which aims to diversify export markets and goods.