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.