Pakistani exports see double digit growth. Pakistan’s exports of nine sectors including value-added textiles posted double-digit growth in the first month 2021-22. It is in comparison to the same month a year ago, reveals data from the Ministry of Commerce.
The Growth in exports of value-added sectors contributes to an increase in overall exports from these sectors. One of the reasons for growth in these sectors is due to low-base of last year when export-oriented industries remained closed due to the Covid-19 lockdown and cancellation of orders from international buyers.
Pakistani Exports see Growth
The new statistics from Ministry of Commerce also reveal growth in other export products. These include agricultural products, industrial tools and other household materials.
In terms of products, exports of garments, home textiles, jerseys, fruits and vegetable ethyl alcohol, stockings and socks, maize and plastics increased during July compared with July 2020. On the other hand, the exports of rice, meat, cement, tents, decreased.
More from TNF: China plans to setup an oil refinery in Pakistan
Exports of men’s garments products were up by 23pc to $406 million in July against $329m over the last year, followed by a 9pc increase in home textiles to $380m against $349m last year.
Pakistani economy has been struggling for the last few years. The recent economic outlook also brought the Pakistani rupee under severe pressure. As a result, the Pakistani rupee lost its ground to the US dollar and the over economic pressure was increasing on the national economy. Thus, the economic observers were asking for stringent fiscal actions which can support the economy.
This double digit growth will have significant impact on the economy. It means that the pressure of Pakistani rupee will decrease. Similarly, the overall industrial output will also flourish the economic growth. Thus, the double digit growth of Pakistani exports will have a strong impact on the economy.