ISLAMABAD - For the first time, Pakistan’s exports have reached $100 million per day in the month of February mainly due to the highest-ever depreciation of the rupee against the dollar and greater demand from the international market.

Pakistan’s exports have reached $2.820 billion in February this year, which means that country has exported goods worth $100 million per day in previous month. Exports showed an increase of 26 per cent and were recorded at $2.82 billion in February 2022 as compared to $2.068 billion in same month of the previous year (2021).

The country’s exports are on the upward trajectory for the past several months due to the government’s measures, highest-ever depreciation of the rupee against the dollar and greater demand from the international market. The government had announced several measures including cash subsidies for the promotion of value-added sectors. Moreover, the massive depreciation also contributed to enhancing exports to the western markets. Meanwhile, according to the data of Pakistan Bureau of Statistics, the country’s exports posted a year-on-year growth of 25.9 per cent to reach $20.54 billion during first eight months (In July-February) of the current fiscal year.

Meanwhile, a consultative meeting was chaired by Advisor to Prime Minister on Commerce and Investment, Abdul Razak Dawood to discuss the trade trends for financial year 2021-22 (FY) at the Ministry of Commerce, Islamabad. The meeting has discussed the exports and imports figures during current fiscal year.

Advisor was informed that according to the provisional figures compiled by the Pakistan Bureau of Statistics (PBS) exports from Pakistan during February 2022 grew by 7.9 per cent to $ 2.820 billion as compared to $2.614 billion in January 2022. He was informed that there were indications that the growth in imports has started to decline. The imports in February 2022 had decreased by 2.14 per cent to $5.907 billion as compared to $6.036 million in January 2022.

He was briefed that important exports commodities showed substantial double-digit growth in February 2022 over February 2021.These included knitwear (grew by 57 per cent), readymade garments (64 per cent), bed wear (43 per cent), cotton cloth (73 per cent), non-basmati rice (51 per cent), cotton yarn (17 per cent), towels (44 per cent), rice basmati (67 per cent), made-ups excl. towels & bedwear (22 per cent) and plastic materials grew by 119 per cent.

In response to the query of advisor, he was informed that in terms of markets, Pakistan’s exports to the United States grew by 25 per cent, United Arab Emirates (118 per cent), Netherlands (94 per cent), Germany (60 per cent), Italy (102 per cent), Spain (90 per cent), United Kingdom (27 per cent), China (17 per cent), Bangladesh (62 per cent), and Turkey (157 per cent).

Razak expressed his satisfaction on the growth of exports and advised the officials of the MOC to monitor export growth so that the momentum is maintained and necessary interventions are made if and when necessary.