Pakistan’s Exports increase by 13.6% in the month of February

The Commerce Division released a report that showed a 13.6% increase in exports in February.

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February

Merchandise exports of Pakistan posted double-digit growth during February, reversing the decreasing trend.

According to Trade analysts, the growth is due to international diversion of orders from China because of the spread of coronavirus in the country.

Exports in February:

The Commerce Division released a report that showed a 13.6% increase in exports in February.

The export increased up to $2.13 billion in February from $1.88bn as compared to the corresponding period last year, recording a growth of 13.61%.

From July 2019 to February 2020, the export increased up to 3.62% as it stood at $15.64bn against $15.09bn as compared to the same period last year.

The government is planning to increase exports during the current fiscal year to reach $26.187bn from $24.656bn in the FY2019.

Pakistan’s trade deficit came down by 27.05% in the first eight months of the current fiscal from a year ago. The decline is primarily due to a massive fall in imports.

Statistics of Trade:

The trade gap in July 2019 to February 2020 $15.65 billion
The trade gap in July 2018 to February 2019 $21.46 billion
Trade deficit  in February 2020 $1.81 billion
Trade deficit in February 2019 $2.26 billion

 

According to the Ministry of Commerce, the annual trade deficit may decrease by $12bn to $19bn during the current fiscal year from $31bn as compared to the same period last year.

The development indicates that a significant number of imports are reducing with each passing month. The trend shows that the imports will decline around $4bn per month in the next few months.

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