Pakistan’s exports surge by 14%, surpass $22.5 billion in July-May in FY21

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Pakistan Economy: History and Required Reforms - Global Village SpacePakistan’s exports saw an increase of 13.97% during the first eleven months of the current fiscal year (11MFY21) as contrasted to the exports of the corresponding period of last year.

According to the PBS (Pakistan Bureau of Statistics) data, exports throughout the (July-May) period were registered at $22.560 billion against the exports of $19.795 billion during the corresponding period of FY20.

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The imports during the period under review also grew by 22.52%, growing from $40.849 billion last year to $50.048 billion, during the first eleven months of the current fiscal year.

It is pertinent to note that Pakistan’s trade deficit grew by 30.56% during the initial eleven months as opposed to the similar period of last year.

The trade deficit throughout the period was registered at $27.488 billion against the deficit of $21.054 billion last year.

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Meanwhile, on a year-on-year (YoY) basis, the exports of the South Asian country rose by 18.48% during the month of May this year as compared to the exports of May 2020.

The exports during May this year were registered at $1.654 billion against the exports of $1.396 billion in May 2020.

The imports into the South Asian country rose from $2.857 billion in May 2020 to $5.299 billion in May 2021, registering a surge of 85.87%.

On the other hand, Pakistan’s exports fell by 25.46% during May this year when compared to the exports of $2.219 billion in April this year.

Moreover, the imports into the country grew by 0.74% in May this year when compared to the imports of $5.260 billion in April this year.

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