According to the data issued by the Pakistan Bureau of Statistics (PBS), the exports from Pakistan stood at $2.330 billion during July 2021 as against the exports of $2.001 billion recorded during July 2020, showing a growth of 16.44 percent, which is the result of a significant effort of the textile sector. Based on the data, the trade deficit was recorded at $3.104 billion during the month, showing an increase of 85.53 percent over the deficit of $1.673 billion recorded during July 2020.
Interestingly, the imports into the country during July 2021 also witnessed a 14.45 percent decline compared to the imports of $6.352 billion in June 2021. Pakistan’s export to China crossed $1.735b in the first half of 2021, registering an increase of 70.3 percent. According to the official data from the General Administration of Customs of the People’s Republic of China (GACC), Pakistan’s export to China crossed $1.735 billion in January-to-June in the first half of 2021, registering an increase of 70.3per cent during the first half of the current fiscal year (2020-2021).
Increasing exports by trading are necessary for Pakistan. With the start of COVID-19, Pakistan has been the focus of the Global buyers. This is the right time for the Pakistani Textile Industry to expand their exports further and increase their outreach. Trade is central to ending global poverty. Countries that are open to international trade tend to grow faster, innovate, improve productivity and provide higher income and more opportunities to their people. Pakistan is on the right track, and hopefully, Pakistan will further strengthen its economy by increasing exports.
