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Exports cross $23 billion mark

bySuneela Zulfiqar
April 2, 2022
in Business, Economy
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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.

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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.

Tags: ExportslatestPakistan
Suneela Zulfiqar

Suneela Zulfiqar

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