According to Planning Minister Asad Umar, Pakistan’s exports are predicted to climb by $8.5 billion in the current fiscal year 2021-22, surpassing the entire gain in exports over the previous ten years.
“With the year’s (FY22) first-half trade data available, we are on track for a greater increase in product and service exports in one year than the PPP and PML-N governments did in the ten years from 2008 to 2018,” he tweeted on Thursday.
In the fiscal year 2007-08, the country’s exports were $24 billion, climbing only $6.6 billion in ten years to $30.6 billion in FY18.
Exports, on the other hand, climbed by $4 billion, or 27%, in the first half of this fiscal year, from $31.5 billion at the end of FY21. By the end of the current fiscal year, exports are expected to top $40 billion.
According to the Pakistan Bureau of Statistics (PBS), goods exports increased by 24% in the first seven months of FY22, hitting $17.7 billion, compared to $14.3 billion the previous year. In absolute terms, the value of exports climbed by $3.4 billion.