According to the latest update from the Pakistan Bureau of Statistics (PBS), Pakistan’s overall exports increased in July-Oct 2021 compared to the same period last year. Textile exports stood at $4.76 billion in July-October 2020, and it has reached .
04bln in July-Oct 2021. Among various export items, the export of textile products registered 25.6 % growth in October in the fiscal year 2021-22 compared to the corresponding month of last fiscal year. In contrast, the export of textile goods posted a growth of almost 9% against .
49 billion export in the preceding September of the current financial year.
The monthly comparison shows that the exports in October 2021 increased than September 2021, and the imports decreased, which is a good sign for a country. However, the is still a significant trade deficit to cover. In September 2021, the trade deficit was -4,185 million USD.
Due to enhanced exports, especially concerning the textile sector, the trade deficit reached -3,886 million USD.
On the other hand, the PBS data shows that not only exports but imports have increased significantly during this year. For example, in October 2020, the imports were 3,890 million USD, and they reached 6,334 million USD in October 2021. The government should focus more on increasing its exports rather than imports to reduce the trade deficit. It should be considered that why there has been a massive increase in import values.
Exporting and importing help grow national economies and expand the global market. Every country is endowed with certain advantages in resources and skills. Countries want to be net exporters rather than net importers. In this way, a country can have domestic economic activity, more production, jobs, and revenue. Therefore, Pakistan should make the necessary arrangement to tackle the issue. The media and other departments always highlight that exports are increasing, but no one talks about the increased imports, which is the other part of the picture.
