In the recently concluded fiscal year 2020-21, Pakistan’s goods exports increased to a historic high of $25.3 billion, said Special Assistant to Prime Minister (SAPM) Abdul Razzak Dawood.
The minister took to Twitter and said, “Our exporters have done it!! It gives me immense pleasure to share that our exports of Goods during FY 2020-21 stand at USD 25.3 billion. These are the highest-ever exports of Goods in the history of Pakistan. The previous highest was USD 25.1 billion in 2013-14.
Furthermore, Dawood said that the export of services during the FY 2021 is estimated to be USD 5.9 million.
Dawood praised exporters for the high volume. Exports in the services sector were $6 billion and so the combined total exports (of goods plus services) was $31 billion.
Dawood added that he was against increasing tariffs to increase government revenue.
“Changing tariffs is not easy. This should be a three- or four-year plan,” he said. “In the last three years, 6,000 tariff lines have been changed.” Forty-two percent of the import of raw materials and machinery has become duty-free but tariffs still need to be further reduced, he said.
Next year, tariffs on agriculture, iron ore and warehousing will be reduced. Tariffs for pharmaceuticals, footwear, tourism, food processing, and fiber optics have already been reduced.
Textile exports increased 18.85% while pharmaceutical exports increased 27%. Exports of copper and copper derivatives increased 44%.
However, rice exports declined 8% during and cotton yarn exports declined 2%; raw leather by 16% and plastic exports by 6%.
“It is a good sign that our exports grew despite the lockdowns around the world,” he said. “The pandemic reduced exports to all countries in the region, except Bangladesh. Bangladesh’s exports increased 13%.”
