Country's Exports Touch $ 20.9 Billion During FY 2020-21

Country's exports touch $ 20.9 billion during FY 2020-21

ISLAMABAD, (UrduPoint / Pakistan Point News - 10th Jun, 2021 ) :The exports from the country during July-April, 2020-21 had reached to $ 20.9 billion compared to US$ 18.4 billion during the same period last year, showing impressive growth of 13.6 percent.

The country's exports shown an growth of 13.6 percent in last 10 months of current FY 2020-21, as compared to negative growth of 3.9 percent same period in last year's 2019-20 According to Economic Survey 2020-21, Pakistan's exports bounced back owing to proactive measures taken by the government and it was among those countries whose exports recovered more rapidly.

The government has taken Initiatives to uplift the export-oriented industries amidst the COVID-19 outbreak.

The gas and power subsidies through the industrial support package and extensions in the validity of subsidized power and gas utilities under erstwhile zero-rating certificates.

A cumulative Rs 190 billion enhancement in the limits of refinancing for banks under the Export Finance Scheme (EFS) and the Long Term Financing Facility (LTFF).

In line with world trade, Pakistan's exports bounced back, after a sharp hit during strict lockdown in the last fiscal year, mainly due to export-oriented government policies and strong economic recoveries in the main export markets.

Exports were targeted at US$ 22.7 billion for the fiscal year 2021.

Exports during July-March FY2021 amounted to US$ 18.7 billion as compared to US$ 17.4 billion in the same period last year, which shows an impressive growth of 7.1 percent as compared to the 2.2 percent in the same period last year.

Among the top export destinations, the USA continued to be the largest export market for Pakistan during July-March FY2021.

Exports to the USA moderately increased from 17.3 percent in FY2020 to 19.7 percent in FY2021.

Similarly share of exports to China increased from 8.0 percent to 9.7 percent during the period under review.

Pakistan's exports to Central Asia, Afghanistan and Iran increased from US $ 813.59 million to US$ 870.26 million during July-March FY2021.

A Joint Inter-Governmental commission meeting was held, in which Kazakhstan agreed to establish Joint Working Group on Trade and Investment with Pakistan to remove trade barriers between the two countries.

Pakistan's exports to the Afghanistan increased to US$ 779.39 million during July-March FY2021, despite a continuing ban on export of wheat and sugar.

The 7th and 8th Afghanistan-Pakistan Transit Trade Coordination Authority (APTTCA) meetings were held in which bilateral and transit trade issues were discussed.

Besides, Afghanistan Pakistan Transit Trade Agreement was extended for three months beyond 11th February 2021.

The first meeting of Joint Working Group on Trade and Economic Affairs was held at Tashkent to discuss Preferential Trade Agreement and connectivity through Afghanistan through road and railway corridors.

Total bilateral trade between Pakistan and Africa was recorded at US$ 3.15 billion during July-March FY2021.

Pakistan's exports to European Union (EU) increased by 4 percent to US$ 4,549.82 million during July-February FY2021.

At the same time, Pakistan's imports decreased by 3 percent to US$ 2,539.07 million.

The trade balance is in favor of Pakistan with trade surplus amounting to US$ 2,010.75 million.