For the first time, Pakistan’s exports remained above $100 million per day in the month of in February 2022.
Pakistan’s exports have been steadily increasing, exceeding most of the government’s monthly and half-yearly targets. When the PML-N gained power in 2013, exports were valued at roughly $25 billion per year, but by the conclusion of their term in 2018, they had decreased by $2 billion, to around $23 billion.
Pakistan’s exports increased by 17.5 percent to $2.4 billion in October 2021, under the present government’s administration, compared to the same period the previous year, when exports were valued at roughly $2.1 billion. Pakistan had a 33 percent increase in the value of its exports in November of this fiscal year compared to the same month last year.
Exports reached a daily value of $100 million in February 2022, and the government expects to grow exports to about $40 billion by 2022, nearly double the value of exports when the PTI administration took power.
Pakistan exported over $25 billion worth of commodities and around $6 billion worth of services in the previous fiscal year, bringing the total export value to around $31 billion.
However, the trade deficit remained considerable throughout the first eight months of the current fiscal year, at almost $32 billion. The trade deficit in July-February 2021-22 was over $14.4 billion, up 82 percent from the same period the previous year, according to figures issued by the Pakistan Bureau of Statistics (PBS).
Due to the government’s “Make in Pakistan Policy,” Pakistan’s communications sector has also undergone a major transformation. Pakistan imported 28.0 million mobile phones in 2019, according to a PTA report.
From January 2021 to October 2021, the country produced roughly 25 million phones, dramatically reducing imports, which peaked at 9.74 million units. This is due to the increased number of local assembly facilities and plants that have been established as a direct result of the mobile phone strategy.