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Pakistan recorded exports worth $2.3bn in March, highest since 2011

Pakistan recorded exports worth $ 2.3 billion in March 2021, the largest since 2011, with monthly figures showing growth year on year and from the previous month, said the prime minister’s advisor on Trade and Investment, Razak Dawood.

Razak Dawood revealed the export figures through his Twitter account, where he wrote: “[The] ministry of commerce is pleased to share that, according to provisional figures, in March 2021 our exports increased to $ 2.345 billion . This is an increase of 13.4 percent in relation to February 2021. It is the highest monthly in the last 10 years ”.

“This is also the first time since 2011 that exports have exceeded the $ 2 billion mark for six consecutive months,” said Dawood.

The prime minister’s commercial adviser also said that export growth of 29.3 percent in relation to March 2020 should not be considered, as it is misleading due to the blockade in March last year, which kept the industrial wheel extremely slow. .

For the nine-month period from July to March of the current fiscal year, exports increased 7 percent to $ 18.6 billion, compared with $ 17.4 billion in the corresponding period last year, according to data Ministry of Commerce.

Meanwhile, the scarcity of cotton affects the export rate, because cotton, being the main industrial input of the textile industry, represents more than 60 percent of total exports.

India is the world’s largest producer of cotton, and the Pakistani government is unsure about giving the go-ahead for imports of cotton and yarn from India.

In this regard, analysts are of the opinion that the growth of the textile industry is linked to the importation of cotton from India to maintain the momentum of the country’s textile exports.

“It is extremely important, as there is a significant deficit in cotton production this year. The lack of cotton will result in a reduction in textile production and therefore in exports, ”said Saad Hashemy, executive at BMA Capital, based in Karachi.

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