A consultative meeting was chaired by the Advisor of Prime Minister on Commerce and Investment, Mr. Abdul Razak Dawood to discuss the trade trends for Financial Year 2021-22 (FY) at the Ministry of Commerce, Islamabad.
The Advisor was informed that according to the provisional figures compiled by the Pakistan Bureau of Statistics (PBS) exports from Pakistan during February 2022 grew by 7.9% to $ 2.820 billion as compared to $ 2.614 billion in January 2022. They increased by 36.4% as compared to $ 2.068 billion in February 2021. He was informed that for the first time, export reached USD 100 million per day in February 2022.
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He was informed that there were indications that the growth in imports has started to decline. The imports in February 2022 decreased by 2.14% to $ 5.907 billion as compared to $ 6.036 million in January 2022.
He was briefed that important exports commodities showed substantial double-digit growth in February 2022 over February 2021. These included Knitwear (grew by 57%), Readymade garments (64%), Bed wear (43%), Cotton Cloth (73%), Non-Basmati Rice (51%), Cotton Yarn (17%), Towels (44%), Rice Basmati (67%), Made-ups excl. towels & Bedwear (22%) and Plastic materials grew by 119%.
In response to the query of the Advisor, he was informed that in terms of markets, Pakistan’s exports to the United States grew by 25%, United Arab Emirates (118%), Netherlands (94%), Germany(60%), Italy (102%), Spain (90%), United Kingdom (27%), China (17%), Bangladesh (62%), and Turkey (157%).
Mr. Razak expressed his satisfaction with the growth of exports and advised the officials of the MOC to monitor export growth so that the momentum is maintained and necessary interventions are made if and when necessary.