Petroleum Sales & Exports Spike Show Economic Boom
The exports on a cumulative basis raised by $2.762 billion as it stood at $19.801 billion during the same period last year
The economic sector of Pakistan has some glad tidings to share with the population including increased petroleum sales in the past month and a spike in exports during the last 11 months.
Adviser to Prime Minister for Commerce and Investment Abdul Razzak Dawood shared the news that the exports reached $22.563 billion during July 2020 to May 2021.
MOC is pleased to share that according to provisional figures, our exports during Jul-May 2021 increased by 14% to USD 22.563 billion as compared to USD 19.801 billion in Jul-May 2020. This is an increase of USD 2.762 billion and the credit goes to our exporters for maintaining
— Abdul Razak Dawood (@razak_dawood) June 2, 2021
The exports on a cumulative basis raised by $2.762 billion as it stood at $19.801 billion during the same period last year.
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“MOC is pleased to share that according to provisional figures, our exports during Jul-May 2021 increased by 14% to USD 22.563 billion as compared to USD 19.801 billion in Jul-May 2020”, Dawood said.
He credited the exporters for maintaining the momentum of exports during a year marred by contraction and uncertainty.
In May 2021, exports increased by 18.7% to $1.657 billion as compared to $1.396 billion in the same month last year.
On the other hand, it dropped by 25% last month and extended Eid holidays were the reason behind the dip.
Not only this, petroleum products’ sales in May this year showed vigorous growth and reached to an all-time high.
The volume last month recorded an increase of 14% to 1.692 million metric tons.
Meanwhile, the sales during the first 11 months of the fiscal year (FY) 2021 is up by 18% and amounts to 17.517 million metric tons.
The sales of petrol was soared up by 13% to 7.460 million metric tons, diesel increased by 19% to 6.924 million metric tons, and furnace oil up by 46% to 2.649 million metric tons.
The rising economic activity also increased petrol and diesel consumption and the sale spiked up by 15% and 11% respectively.
