Pakistan exports surge to $2.156b in November, highest figure in 10 years

Despite the ongoing coronavirus pandemic, Pakistan’s economy has been following a positive trend. With the country’s economy following a steady growth rate, it appears that the economic repercussions of COVID-19 have been handled pretty well. And now, according to Advisor to Prime Minister of Pakistan for Commerce and Investment Abdul Razzak Dawood, Pakistan’s exports in November 2020 amounted to $2.156 billion.

Last month’s exports figure is undeniably impressive, and represents a 7.2 percent growth over the same month of last year (exports totaled $2.011 billion back in November 2019). In fact, this figure is the highest of any November exports figure for Pakistan over the past ten years.

Mr. Dawood took to Twitter to praise exporters for “working hard despite the resurgence of COVID-19 in Pakistan”.

“We have just received provisional figures for export of goods. I wish to congratulate our exporters that in these very difficult times with resurgence of Covid-19 cases in Pakistan & globally, our exports have increased by 7.2pc in November 2020 over the same period last year,” he said. “Thanking Allah Almighty, we have once again crossed the $ 2 billion mark in exports per month.”

While the data regarding exports of the last month is yet to be issued by Pakistan Bureau of Statistics (PBS), the provisional data shared by the commerce ministry shows that exports during the first five months (July-November) of FY21 were recorded at $9.732 billion as against $9.545 billion in July-Nov FY20.

It is also worth noting that exports crossed the $2-billion mark in October 2020 as well, despite a downward trend in major markets and the uncertainty caused by COVID-19 worldwide.

The ministry states that Pakistan’s exports had started increasing ever since July 2020 and were back on track to pre-COVID levels.