Pakistan’s exports increased by 4.29% during the first 8 months of FY21, however, the imports also increased massively, resulting in a trade deficit.
For FY21, imports have increased while exports have reduced when compared to FY20.
For the fifth consecutive month, exports of Pakistan crossed $2 billion. However, there’s drop in exports on a YoY basis.
For Pakistan, USA marked at the top export destination with an export value of $2.68 billion during Jul-Jan FY21, showing an increase of 10% YoY.
In January 2021, Pakistan’s current account deficit fell to $229 million from $652 million compared to the previous month and $512 million compared to the previous year.
Tajikistan and Pakistan recently signed an agreement further to promote cooperation and mutual assistance between the two countries.
During the first seven months of FY21, the textile exports of Pakistani witnessed an increase of 8.23% compared to the same period of FY20.
Exports in Pakistan recently witnessed a dip of 9.28% when the exports of the country dropped to Rs. 343 billion in January 2021 compared to the exports of Rs. 378 billion in December 2020.
According to the PBS, the trade deficit for Jan’21 witnessed a dip by 1.44% to reach $2.6 billion within a month.
The cement sector in Pakistan has observed a marvellous growth of 16.28% in January 2021 compared to last year. Only in Jan’21, 4.73 million tons of cement have been dispatched. Last year, it was 4.07 million tons.
It is even said that this single industry has the capacity to uplifting the value of international brands by up to 300%
During July-Dec 2020, Pakistan’s exports for the UK and the US grew by 21% and 18.4% compared to the same period of 2019.
The PM of Pakistan recently urged the need to boost exports and asked public and private sectors to work jointly.
In a recent meeting, the President of Pakistan stressed using Gwadar Port as a trade route between Pakistan and Afghanistan.
The textile industry in Pakistan sees a high demand for orders with less availability of cotton yarn, showing a threat to the sector.
FPCCI shows concern over the dip in kinnow exports during the current season. The dip could drop to 70,000 tons if appropriate steps not taken.
During Nov’20, Pakistan witnessed a hype in exports by 14%. However, the total exports of the FY21, so far, is less than the same period of 2019.
Recently, the Sri Lankan government announced to reduce CESS on imports of Kinnows and Mandarins to encourage exports from Pakistan.
During the past month, Pakistan’s imports reached Rs. 686,349 Million which shows an increase of 8.39% month-over-month.
Pakistan witnessed a hype in food exports in November 2020 with an increase of 26% as compared to the exports of October 2020.