Exports rise to all-time high of $24.8b in fiscal 2011

Exports rose by 29% to $24.83 billion in financial year 2010-11, according to provisional figures released by the Federal Bureau of Statistics.

KARACHI:  Exports broke all previous records as they rose 29 per cent to $24.83 billion in financial year 2010-11, according to provisional figures released by the Federal Bureau of Statistics.

Imports increased 16 per cent during the year to $40.41 billion and the trade deficit stood at $15.59 billion, one per cent higher than the previous year.

The export target for the year was $21 billion, which was later revised downward to $19 billion after the floods, figures showed. According to Trade Development Authority Chief Executive Tariq Iqbal Puri, these were provisional figures and exports would likely cross $25 billion when data was finalised. “Final figures will be issued in a couple of days."

It is the good news that exports had increased both in terms of value and volume, adding the major contribution came from textiles, which fetched higher prices in the international market. Pakistan's export is going to rise more Inshallah because World's largest exporter of apparel China is getting expensive and Chinese currency is rsing by about 6% a year and rapidly rising wages after which Pakistan is going to generate million jobs in textiles and apparel sector.