Exports register record in October, rise 17.5pc to $2.47 billion
ISLAMABAD, NOV 1: 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. 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.
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