Wednesday, October 20, 2021

Pakistan’s exports to UK cross $1bln in six months

ISLAMABAD: Prime Minister’s Adviser for Commerce and Investment Abdul Razak Dawood on Saturday said that for the first time Pakistan’s exports to UK crossed $1 dollar billion in the first six months of a financial year.

The adviser tweeted that in July-December 2020, the exports to UK grew by 21 percent to $1,029 million, as compared with $856 million in the same period during 2019. In December 2020, these exports grew by 47 percent to $189 million compared to $129 million in the same month of 2019.

Imports from the UK were $303 million during the six-month period.

“I congratulate our exporters for this achievement and encourage them to make efforts to obtain a greater share of the market. I also commend the efforts of MOC’s (Ministry of Commerce),” the tweet read.

The advisor also urged trade officers posted in the UK to work harder in finding opportunities for Pakistan’s exporters and to facilitate businessmen.

According to the data shared by the adviser, Pakistan’s exports to UK were $855 million in July-December 2018, $828 million in the same months of 2017, and $756 million in July-December 2016. Imports during the same period were $456 million in 2018, $380 million in 2017, and $300 million in 2016.

Overall, Pakistan’s trade deficit widened by 32.04 percent to $2.683 billion in December from $2.032bn over the same month last year mainly on account of higher imports, Pakistan Bureau of Statistics (PBS) data showed.

Source: The News

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