the remittances from IT exports experienced a notable 7% year-on-year (YoY) increase in July.

Mr. Abdul Razak Dawood an Adviser to the Prime Minister on Commerce and Investment took the news on Twitter sharing information regarding Pakistan’s import and export in March 2021.

Ministry of Commerce is glad to share that according to provisional figures, in March 2021 our exports increased to USD 2.345 Billion. This is an increase of 13.4% over Feb-2021. It is the monthly highest in the last ten years,” Abdul Razak shared on Twitter.

Mr. Razzak also focused on a point that Pakistan’s export has not crossed the mark more than $2 billion for six consecutive months since 2011.

The export growth of 29.3% over March 2020 should not be considered as it is misleading since there was a lockdown last year,” he mentioned.

Read More: Pakistan has earned $1,119 million from the export of IT services in 7 months: PBS

He also mentioned names of few items that helped in the growth of Pakistan’s imports to $5.3 billion in March. The items that increased import growth are petroleum, wheat, soy bean, machinery, raw material and chemicals, mobiles, fertilizers, tires and antibiotics, antibiotics, and vaccines.

The advisor mentioned that exports increased by 7% to $18.669 billion as compared to $17.451 billion in the corresponding period last year for the 9-month period of July-March of the current financial year (FY).

The imports grew by 12% to $39.210 billion in the same time duration this financial year as compared to $34.817 billion during the last fiscal year.

This growth has come from an increase in import of raw material as well as the import of wheat, sugar, and cotton,”  Razzak explained

Image credits: Techjuice

Also read: IT exports of Pakistan maintain a growth of 40% over 8 months in FY 2020-21


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