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Exports likely to settle above $19 billion
By Tanveer Ahmed
KARACHI: Countrys exports are likely to settle above $19 billion in the current financial year, the officials in Trade Development Authority of Pakistan (TDAP) told Daily Times on Thursday.
The exports are expected to come to $19.1 billion dollar by the end of current fiscal year, officials said, which would be well above the revised export target of $17.8 billion set for this fiscal. Earlier, export target of $18.6 billion was set at the start of this financial year, however the bad performance of the exports in the beginning compelled to government to revise the export target downward.
But things changed dramatically for the export sector, and the export from country bagged big gains thanks to soaring export of raw cotton and cotton yarn, among other products.
According to official statistics released for the first ten months of this fiscal year, total export proceeds came to $15.884 billion, depicting 7.72 percent growth against $ 14.746 billion of last year. In absolute terms, the exports increased by $1.138 billion in July-April of current fiscal against the corresponding months of last year.
In the last two financial years, Pakistani export sector fell short of its targets and exports dipped due to various international and local factors. In the trade policy of this fiscal year, fingers were pointed at the export target in the existing scenario, which made the government bring down the export target.
The first two quarters largely proved the apprehensions of analysts and economists true, when exports fell short of their targets, however the third quarter turned out be a resilient one and exports started exceeding the targets easily and settling comfortably higher than their targets.
The statistics indicated that the third quarter (January to March) was exceptionally well in the export sector when all three months of this quarter earned more than their targets.
In January, exports earned $320 million more than its target, $117 million in February and $191 million in March.
In the first two quarters, exports surpassed their targets in October and December, however in the remaining four months, exports fell miserably against their targets.
In the first month of the first quarter, i.e. July, exports fell $178 million against the set target, $125 million in August, $129 million in September and $39 million in November of the current fiscal year. In October, exports exceeded the target by $134 million and $146 million in December. In April export were above 117 million against the target for the month. According to officials at Trade Development Authority of Pakistan, the main drivers of this growth are; raw cotton, cotton yarn, art silk, synthetic textiles, readymade garments and towels in the textiles and clothing sector, in addition to rice, fruits and vegetables form the agro food sector, whereas jewelry in the metals and mineral sector also contributed significantly.
Daily Times - Leading News Resource of Pakistan
By Tanveer Ahmed
KARACHI: Countrys exports are likely to settle above $19 billion in the current financial year, the officials in Trade Development Authority of Pakistan (TDAP) told Daily Times on Thursday.
The exports are expected to come to $19.1 billion dollar by the end of current fiscal year, officials said, which would be well above the revised export target of $17.8 billion set for this fiscal. Earlier, export target of $18.6 billion was set at the start of this financial year, however the bad performance of the exports in the beginning compelled to government to revise the export target downward.
But things changed dramatically for the export sector, and the export from country bagged big gains thanks to soaring export of raw cotton and cotton yarn, among other products.
According to official statistics released for the first ten months of this fiscal year, total export proceeds came to $15.884 billion, depicting 7.72 percent growth against $ 14.746 billion of last year. In absolute terms, the exports increased by $1.138 billion in July-April of current fiscal against the corresponding months of last year.
In the last two financial years, Pakistani export sector fell short of its targets and exports dipped due to various international and local factors. In the trade policy of this fiscal year, fingers were pointed at the export target in the existing scenario, which made the government bring down the export target.
The first two quarters largely proved the apprehensions of analysts and economists true, when exports fell short of their targets, however the third quarter turned out be a resilient one and exports started exceeding the targets easily and settling comfortably higher than their targets.
The statistics indicated that the third quarter (January to March) was exceptionally well in the export sector when all three months of this quarter earned more than their targets.
In January, exports earned $320 million more than its target, $117 million in February and $191 million in March.
In the first two quarters, exports surpassed their targets in October and December, however in the remaining four months, exports fell miserably against their targets.
In the first month of the first quarter, i.e. July, exports fell $178 million against the set target, $125 million in August, $129 million in September and $39 million in November of the current fiscal year. In October, exports exceeded the target by $134 million and $146 million in December. In April export were above 117 million against the target for the month. According to officials at Trade Development Authority of Pakistan, the main drivers of this growth are; raw cotton, cotton yarn, art silk, synthetic textiles, readymade garments and towels in the textiles and clothing sector, in addition to rice, fruits and vegetables form the agro food sector, whereas jewelry in the metals and mineral sector also contributed significantly.
Daily Times - Leading News Resource of Pakistan
