Pakistan 'achieves' highest ever exports target in FY2020-21

ISLAMABAD: Pakistan has achieved its highest ever export target set for the outgoing fiscal year, with an 18 percent increase from the previous year, ARY NEWS reported quoting Information Minister Fawad Chaudhry.

Taking to Twitter to share the news, Fawad Chaudhry said that if the services sector is also included, then Pakistan’s exports have crossed over the mark of US$31 billion.

“For the next years to come, Pakistan’s exporters will be a pillar in the economic stability of the country,” the information minister shared in a message on micro-blogging site.

It is pertinent to mention here that the finance ministry 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) during the outgoing fiscal year.

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.