The Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood has said that the country’s non-traditional exports, including information technology, have seen an increase of 60% over the last four months.
“So far, country’s exports of non-traditional products, including information technology, have grown by 60 percent in the last four months,” said the advisor during an interview to a state-run news agency.
The advisor stated that for the last seventy years Pakistan’s exports have been sustained by traditional markets of 10 countries while the local textiles depended only on five markets including, the United Kingdom, Bangladesh, the United States, China, and European Union.
“However, the incumbent government is exploring new markets and introducing new products in addition to traditional ones, and has made great strides despite Covid-19,” he highlighted. “In addition, new industrial units are being set up to promote product diversification to boost domestic exports in information technology, light engineering including tractors, fisheries and electronics and mobiles.”
While informing about the current export situation, Mr. Dawood highlighted the government’s far-sighted economic and trade policies due to which Pakistan export target of $15.125 billion was achieved in the first half of FY 2021-22 from July-December.
Over six months, from July to December 2021, these exports increased by 173% to $ 134 million from $ 49 million over the same period last year, he said, adding that the Ministry of Commerce’s Silk Route Reconnect initiative now gives results.
He further elaborated that Pakistan’s exports during December 2021 showed an increase of $400 million, from $2.366 billion in December 2020 while $2.761 billion during the same period in2021.
The adviser said that a decline in imports has also been recorded. During December 2021, Pakistan recorded imports of $6.9 billion as compared to $7.9 billion in November 2021, thus indicating a decrease in imports by $1 billion.
“During the first half of the current financial year, exports during July-December 2021 increased by 25% to $15.125 billion as compared to $12.110 billion during the corresponding period last year,” he said.
The adviser further mentioned that the government has reduced tariffs and duties on raw materials to zero percent to enhance the country’s exports. Areas, where tariffs are discounted, include textile, fiber, and jute.