Imports decreased to $6.9b from $7.9bn in 2021: Abdul Razak Dawood

ISLAMABAD: Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood has said that the imports have decreased to USD 6.9 billion in December 2021 as compared to USD 7.9 billion in November 2021.

Abdul Razak Dawood said that the country has recorded the early indications of a decrease in imports. He said in a Twitter thread that the country witnessed a decrease of $1 billion in December 2021, whereas, the import projection for Dec 2021 was $6.2 billion.

He added, “Turning to exports, MOC [Ministry of Commerce] would like to share that during Dec 2021, Pakistan’s exports increased by 16.7% to $2.761 billion as compared to $2.366 in December 2020. The export target for the month was $2.8 billion.”

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“During the first half of the current FY (Jul-Dec 2021), exports increased by 25% to $15.125 billion as compared to $12.110 billion during Jul-Dec 2020. The export target for the first half of this FY was $15 billion.”

He said that the ministry will soon unveil the details on categories of export & import during Dec 2021.

Early indications are that the growth in imports has started to decrease. 🇵🇰 imports during Dec 2021 decreased 🔽 to USD 6.9 billion as compared to USD 7.9 billion in Nov 2021. This is a decrease of USD 1 billion. The import projection for Dec 2021 was USD 6.2 billion. 1/4

— Abdul Razak Dawood (@razak_dawood) January 2, 2022

Earlier in July, Abdul Razak Dawood had shared the impressive progress of Pakistan in exports to major countries in the fiscal year 2020-2021 (FY21).

In a tweet, the adviser had shared that the exports have done quite well in the major markets. During FY21, the exports to China grew by 34% or $586 million. The exports to the northern neighbour had remained $2.33 billion compared to $1.74 billion last fiscal year.

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The adviser had shared that the exports to Germany during FY21 swelled by 19% to $1.5 billion from $1.3 billion last year.

Exports to the Netherlands increased by 23% to $1.2 billion in comparison with $1 billion previous year, whereas, exports to Poland rose by 28% to $308 million in the outgone fiscal year which was previously $241 million last year.

The commerce adviser had hailed the manufacturers over the performance despite hindrances created by the Covid-19 pandemic. “They deserve credit for it”, Abdul Razak Dawood mentioned in his tweet. He had also commended the efforts of the officials of the trade and commerce ministry.