Islamabad June 02 2021: Pakistan’s exports for the month of May 2021 comes at USD1.657 billion which is 18.7 percent when compared to exports of USD1.396 billion during the month of May 2020, as per Ministry of Commerce. The dip in exports to below USD2 billion level is due to of extended EID holidays which was done to curtail the spread of COVID during the last Ashra of Ramadan and EID time.
Drop in exports raises concerns regarding increase of trade balance as imports are going to increase on the back of higher commodity prices. To highlight, coal prices hit 10 year high to trade USD112 per ton today while Oil is hovering around USD70 bbl/ton as global economy recovers and supply chain shocks still persist.
As a result, country’s total exports during Jul-May 2021 increased by 14 percent to USD22.563 billion as compared to USD19.801 billion in Jul-May 2020. This is an increase of USD2.762 billion in absolute term and Advisor to Prime Minister on Commerce and Investments gives its credit to exporters for maintaining the momentum.
Ministry of Commerce
