Exports register record in October, rise 17.5pc to $2.47 billion

Published November 1, 2021
During the July-Oct 2021 period, Pakistan's exports grew by 25pc to $9.468 billion. — Reuters/File
During the July-Oct 2021 period, Pakistan's exports grew by 25pc to $9.468 billion. — Reuters/File

Pakistan’s exports posted a 17.5 per cent growth in October, rising to $2.471 billion as compared to $2.104 billion in Oct 2020.

"This is the highest-ever export [figure] in any October in our history," a statement issued by the Ministry of Commerce said on Monday.

It added that the export target for Oct 2021 was $2.6 billion.

During the July-Oct 2021 period, Pakistan's exports grew by 25pc to $9.468 billion, compared to $7.576 billion during the same period last year. The ministry's target for July-Oct 2021 was $9.6 billion.

Examine: Where is the economy headed?

Commerce Adviser Abdul Razak Dawood also expressed satisfaction over the development on Twitter.

Meanwhile, during the Jul-Oct 2021 period, imports rose by 64pc to $24.99 billion as compared to $15.19 billion during the same period in 2020.

"About 40pc of this increase is investment-driven (capital goods, raw material and intermediates), which indicates [an] expansion of industry and enhanced activity by industry," the ministry said.

The remaining 60pc of the imports were made up of petroleum, coal and gas (34pc); vaccines (11pc); food (8pc); consumer goods (2pc); and all others (5pc). "Most of this is inelastic in nature," the commerce ministry noted in its press release.

In absolute terms, the net increase in imports over the four-month period was $9.801 billion. This comprised consumer goods worth $239 million, food $823 million, capital goods $1.620 billion, raw material and intermediates $2.209 billion, petroleum, coal and gas $3.364 billion, vaccines $1.068 billion, and all others $478 million.

Trade deficit rises 109.4pc YoY

According to commerce ministry data, the trade deficit in Oct 2021 rose 109.4pc over the same month last year. It was $1.803 billion in Oct 2020 and more than doubled to $3.775 billion in Oct 2021.

Similarly, the trade deficit in Jul-Oct 2021 stood at $15.525 billion as compared to $7.617 billion during the same period in 2020 — registering an increase of 103.8pc.

Opinion

Editorial

Updated 28 May, 2022

POL price shock

The state must look into exactly how much of an impact POL hikes have had on the prices of everyday items.
28 May, 2022

Changed laws

THERE will be much noise made over bills passed in the last two days by parliament to amend election and National...
28 May, 2022

Causing damage

FORMER prime minister Imran Khan’s remarks that he called off his protest, not because he had reached a deal but...
27 May, 2022

After the march

FORMER prime minister Imran Khan either ‘ran away’ from Islamabad or made a temporary, strategic retreat. It...
A tough decision
Updated 27 May, 2022

A tough decision

Decision to raise fuel prices will remove a major hitch of concluding a staff-level agreement with IMF.
27 May, 2022

Xinjiang files

QUESTIONS about the status of the Muslim Uighur people in China’s Xinjiang autonomous region often arise, with...