Exports grew by 13.6% during February

Exports grew by 13.6% during February

Islamabad: Pakistan's merchandise exports saw a double-digit growth in February, ending the trend.

Trade analysts believe that the reason for the growth is the global shift in orders being taken in view of the spread of the Corona virus in China.

According to data released by the Department of Commerce, exports began in December last year when it was down by 3.8 per cent, while the trend continued to decline in January.

Generally, the Pakistan Institute of Statistics releases official statistics at the end of the first week of each month, but the Prime Minister's Assistant Special Trade Minister, Abdul Razzaq Dawood, provided the customs interim data on Monday.

Exports in February increased from 13.8 billion dollars in the same month last year to $ 2 billion 13 million, an increase of 13.61 percent.

According to the data, exports during July 2019 and February this year reached $ 15 billion 64 million, an increase of 3.62 percent compared to $ 15 billion 9 million last year.

Official sources said that due to the Coronavirus, many countries in Europe and North America are not giving China various orders, especially textile and textile orders. This change in orders is due to the increase in Pakistani exports.

He said the textile industry received a lot of orders in February, depending on whether or not orders will be placed in the coming months.

It is to be noted that during the current financial year, exports were estimated to reach $ 26 billion 18 million 70 million, compared to 24 billion 65 million 60 million dollars in 2019.

In this regard, the government reduced the cost of raw materials and semi-finished goods used in export products for the fiscal year 20-2019 by exempting them from customs duties.

According to statistics, imports during the first 8 months of this fiscal year were down 14.39 percent to $ 31 billion 30 million from $ 36 billion 56 million in the same period last year.

This trend shows that imports are decreasing with each passing month and imports are likely to be around $ 4 billion per month over the next few months.

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