Pakistan may surpass exports' target

[Hyde]

Pakistan may surpass exports' target​

GHULAM ABBAS
KARACHI (June 15 2010): Despite the political uncertainty and economic crisis in the country, Pakistan is likely to surpass its export target this year. The country has made exports amounting to $17.6 billion by May 2010 out of the total export target of $18.868 billion for the year 2009-10. It is expected the exports of the country would reach 19.3 to 19.5 billion by next month, sources in Trade Development Authority of Pakistan (TDAP) told Business Recorder.

They said with the current pace of exports, not only the remaining around one billion dollars would be achieved but the exports would surpass the target by the end of this month. The country, which failed to achieve exports target during the last two years, is likely to register a record export growth this year after the world economic recession, they added.

According to Federal Bureau of Statistics, in July to April 2009-10, total exports came to $15.884 billion, as compared to $14.703 billion during the corresponding period of last year. The government set $18.868 billion export target for the current fiscal year. It said during the nine month of the fiscal year 2009-10 the country has exported textile and garments products worth $8.516 billion, as compared to $7.955 billion of the same period last year.

Minerals and metals sector, the statistics showed, witnessed 26.32 percent growth during the period. Agro and food, engineering goods and other sectors also registered 5.02 percent, 0.82 percent and 15 percent growth, respectively by April 2010. According to the statistics, the country's export to Africa increased by 16.69 percent, while exports to Asia including Russia marked 10 percent growth. Only 1.15 percent growth was recorded in the export to Europe, excluding Russia by April 2010. However, a negative growth of 4.44 percent recorded in the exports to America.

According to FBS report, the third quarter (January to March) of the financial year proved exceptionally well for the export sector, when exports in all the three months surpassed the target set for the months. In the first two quarters, exports surpassed the targets in October and December and in the remaining four months, it fell behind the targets.

According to sources, apart from textile goods, the developing sector and non-traditional items' export also showed improvement and posted some gains, which indicates some diversification in the export base of the country. They said the exports of raw cotton, cotton yarn, art silk and synthetic textiles, readymade garments and towels in the textiles and clothing sector whole rice, fruits and vegetables registered improvement.

The chief executive, TDAP, Syed Mohibullah Shah has earlier said that export target of the current fiscal year would not only be met but it would surpass the target. Interestingly, when the export target for the current year was set, it was termed unrealistic at that time, he added.

He said that TDAP was inviting trade delegations from Gulf States, Central Asian countries, Africa, Latin America, Japan and South Korea to visit Pakistan in order to strengthen bilateral trade. During the last and current fiscal years, the world trade marred by economic slow down and buyers markets in USA and EU remained sluggish.

During Expo Pakistan 2010, it was revealed that trend is changing and more countries are looking towards Asia instead of USA and EU. In Expo Pakistan, more than 50 percent orders were received from Asia while 26 percent from Africa and rest of the orders received from Europe and USA.