Exports grew by 17.3pc in March, 2022

As per data released by the Ministry of Commerce on Friday, Pakistan’s exports for March 2022 grew by 17.3 per cent to $2.773 billion as compared to $2.365 billion in March 2021.

As per the data, exports during the past nine months of this financial year have reached $23.332 billion as compared to $18.688 billion over the corresponding period of last fiscal year which is around 25 per cent increase. The increase in export proceeds from July to March FY22 is mainly due to massive depreciation of rupee along with several support measures.

 “Our exports are in line with our targets & we expect to achieve our yearly target”, Advisor on Commerce Razak Dawood said on Friday.

The government has projected that the annual exports target for commodities at $31.2 billion while the target for exports of services is $7.5 billion. Razak Dawood is firm that the exporters will achieve the annual targets.

The export proceeds in March 2022 posted a growth of 17.3 per cent to $2.773 billion this year from $2.365 billion over the corresponding month of last year. The average monthly export proceeds hover between $2.5 billion to $2.8 billion.

“We would like to congratulate our exporters for maintaining the momentum of exports under these testing times in the global market”, the advisor further said.

The ministry did not release the import figures for the month of March. “The import figures would be shared when finalized by the Pakistan Bureau of Statistics”, the advisor added.

Export proceeds went up by 18 per cent to $25.294 billion in FY21 from $21.394 billion over the last year.

Pakistan’s exports are in line with the targets and it is expected to achieve yearly targets.

Abdul Razak Dawood said that the import figures would be shared when finalized by the Pakistan Bureau of Statistics (PBS).