Pakistan is showing good growth in exports. According to the Pakistan Bureau of Statistics (PBS), the exports from the country witnessed an increase of 26.68% and reached $12.3bn during the first five months of the current fiscal year (2021-22) compared to the corresponding months of last year. According to PBS data, the exports from the country stood at $12.344 billion during July-November (2021-22) against the exports of $9.744 billion recorded during July-November (2020-21), showing a growth of 26.68%.
On a month-on-month basis, the country’s exports witnessed a positive growth of 17.04% during November 2021 compared to the exports of $2.464 billion recorded during October 2021. Exports showed a growth of 32.84% and reached $2.884 billion compared to $2.171 billion in November 2020.
During the months under review, the imports increased by 69.17%, growing from $19.468 billion last year to $32.934 billion in July-October (2021-22). The imports into the country increased from $4.292 billion in November 2021 to $7.847 billion in November 2020, showing a growth of 82.83%. Therefore, the trade deficit is increasing, which needs attention. The government is presenting a mini-budget soon, which will increase the tax on a few import items, resulting in reduced imports to narrow the trade deficit. However, it is before time to say the actual benefits could be achieved or vice versa.
