Pakistan’s exports grew for the fourth consecutive month in December to USD 2.357 billion, up 18.3% from USD 1.993bn in the corresponding month last year, data released by the Ministry of Commerce showed on Friday. However, the December export proceeds posted a growth of 8.4% when compared with USD 2.174bn in November 2020. The increase in overall exports is mainly driven by double-digit growth in proceeds from textile and clothing sectors as well as engineering products, surgical instruments and value-added leather products.

Exports in the new fiscal year started on a positive note but witnessed a steep decline of 19% in August before rebounding in September, October, and November. To promote exports of textile and non-textile products, the government is providing cash subsidies besides slashing duty and taxes on import of raw materials.

 

In FY20, exports fell by 6.83% or USD 1.57bn to USD 21.4bn, compared to USD 22.97bn the previous year. Data shows visible improvements in export orders from international buyers, mainly in the textile and clothing sectors since May.