Economic outlook: Imports, exports, remittances go up in FY2021-22

ISLAMABAD: Finance Ministry on Tuesday released an economic outlook report for the month of June 2021, highlighting an increase in exports, imports, remittances, and production of large-scale manufacturing (LSM), ARY NEWS reported.

According to details shared in the economic outlook report, the outgoing year saw a 29.4 percent increase in remittance with US$26.7 billion received between July to May of 2020-21 as compared to US$20.7 billion in the previous fiscal year.

The exports witnessed a 10.3 percent increase in the outgoing fiscal year after the figures of US$23.1 billion from July to May in 2020-21 as compared to US$21 billion in the same period during 2019-20.

The imports stood at US$47.3 billion in the outgoing year as compared to US$40.1 billion from July to May in 2019-20, depicting a 17.9 percent increase in the current year.

The reserves currently held by the State Bank of Pakistan also crossed US$22.96 billion, the data shared by the finance ministry showed.

The FBR tax collection also saw a 17.5 percent increase, while non-tax receipts saw a 6.5 percent decline.

The inflation rate, according to the economic outlook stood at 8.8 percent in the country while production in large-scale manufacturing saw a 12.8 percent increase.