ISLAMABAD: Exports posted a 17.5 percent growth in October on a year-on-year basis, surging to $2.471 billion as compared to $2.104 billion in October 2020.
“This is the highest-ever export [figure] in any October in our history,” a statement issued by the ministry of commerce said on Monday. It added that the export target for October 2021 was $2.6 billion.
During the July-October 2021 period, national exports grew by 25 percent to $9.468 billion, compared to $7.576 billion during the same period last year. The ministry’s target for July-Oct 2021 was $9.6 billion.
Adviser to the Prime Minister on Commerce Abdul Razak Dawood also expressed satisfaction over the development in a tweet.
Meanwhile, during the July-October 2021 period, imports rose by 64 percent to $24.99 billion as compared to $15.19 billion during the same period in 2020.
“About 40pc of this increase is investment-driven (capital goods, raw material and intermediates), which indicates [an] expansion of industry and enhanced activity by industry,” the ministry said.
The remaining 60 percent of the imports were made up of petroleum, coal and gas (34 percent); vaccines (11 percent); food (8 percent); consumer goods (2 percent), and all others (5 percent). “Most of this is inelastic in nature,” the commerce ministry noted in its press release.
In absolute terms, the net increase in imports over the four-month period was $9.801 billion. This comprised consumer goods worth $239 million, food $823 million, capital goods $1.620 billion, raw material and intermediates $2.209 billion, petroleum, coal and gas $3.364 billion, vaccines $1.068 billion, and all others $478 million.
