As per the data released by the Ministry of Commerce (MoC), Pakistan’s exports have grown for the 5th consecutive month in January. In the month last year, it was $1.98bn which has grown up to being $2.14 billion this month, accounting for a total of 8%. This has happened for the first time in the history of Pakistan, said Commerce Advisor Razak Dawood.
Exports for July 2020 to January 2021 session increased by 5.5% to being $14.245 billion. This is compared to the $13.507 billion over the months last. The overall trend showed a great rise, driven from the textile and clothing sectors as well as surgical, engineering and leather products. To promote the exports of the above, the government has been pooling in cash subsidies as well.
Mr. Dawood further added that Pakistani exporters have managed to bring this about despite the COVID-19 pandemic and markets being effected. He said, ‘Exporters please go full speed ahead in exporting your products and in case of any hurdle, inform MoC.’ Undergoing a drop of 19% in August, the exports yet rebounded in September, October and November. As per the FBR, the pandemic has had an effect on the flow of containers into the country to the lowest level in April. Since then, a gradual improvement was seen with time.
The FBR revised Duty Drawback from at least eight of the sectors under the ‘Make in Pakistan’ initiative. More than 7800 exporters benefitted from this. The Goods Declaration filed in Customs WeBOC system, is being considered as the Duty Drawback Claim. The State Bank of Pakistan credits the payments directly in the accounts of the exporters.
In the year 2020, exports fell by 6.83% as compared to the year preceding that. The data has been indicating a rise in them, since May.