Govt plans new export-driven economic paradigm

In early July 2021, the adviser to prime minister on commerce and investment posted a celebratory tweet that congratulated the exporters on their unprecedented performance and that too when major economies around the world were facing a significant slowdown.

Pakistan reported the highest-ever exports in FY21 as total exports exceeded $25.3 billion, beating the previous record reported in FY14 by approximately $200 million, according to trade statistics extracted from the Pakistan Bureau of Statistics (PBS).

The exports were 18.3% higher than the value reported for the previous fiscal year, ie FY20. Exports in June 2021 were at $2.7 billion, 63.3% higher than the value reported in May 2021 and 70.7% higher than the value reported in June 2020.

Although exports declined in July 2021 relative to June 2021, they remained above $2.3 billion, which was 16.4% higher than the value reported in July 2020.

Exports of services, touching almost $6 billion in FY21, were up 9.1% year-on-year.