Exports climb to highest level in July

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KARACHI:

Pakistan posted the highest-ever exports for the month of July as shipments reached $2.35 billion, up 17.3%.

Taking to his official Twitter handle, Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood announced, “During the first month of financial year 2021-22, our exports grew at 17.3% to $2.35 billion as compared to $2 billion in July 2020.”

“These are the highest-ever exports for the month of July,” he added.

The recent rupee depreciation against the US dollar and opening of economies in the West helped improve exports in July 2021, said Topline Securities’ economist Atif Zafar while talking to The Express Tribune.

Exporters are also increasing their capacity on the back of financing provided through the Temporary Economic Refinance Facility (TERF) of the State Bank of Pakistan (SBP).

“There is no doubt that the business and industrial community of the country is striving to make up for the loss caused by the monumental difficulties since the start of the pandemic,” said Karachi Chamber of Commerce and Industry (KCCI) President M Shariq Vohra in comments to The Express Tribune.

He said that exports of $2.35 billion in a single month was a good achievement and exporters as well as the government deserved appreciation for navigating through the Covid-19 waves and unprecedented challenges that emerged in its wake.

Endorsing his views, AHL Limited Head of Research Tahir Abbas said, “Double-digit growth in exports is attributable to the revival of economic activity and surge in global demand. A shift in export orders from India and Bangladesh also helped Pakistan.”