Imports soar by USD2.1 bln during Jul-Feb FY21, as industrial activity is increasing: Razak Dawood

March 3, 2021 (MLN): The overall imports during Jul-Feb FY21 have increased by USD 2.085 billion as compared to the same period in the last fiscal year.

In this regard, the Ministry of Commerce (MOC) has conducted a preliminary analysis of this increase in imports.

In a series of Tweets on Wednesday, Adviser to Prime Minister of Pakistan for Commerce and Investment, Abdul Razak Dawood has said that most of this growth came from an increase in import of Raw Material & Intermediate Goods, which increased by 7.8%. The import of Capital Goods declined by 0.2%, while that of Consumer Goods decreased by 7.3%.

“This shows that the Make-in-Pakistan Policy of MOC is delivering dividends and industrial activity in the country is increasing,” he said.

He further informed that the import bill this year also increased because the government had to import Wheat and Sugar to stabilize the market prices.

Cotton was also imported to help the Export-oriented industry so that the exports are not hampered. During Jul-Feb 2021, the import of Wheat amounted to USD 909 million, Sugar USD 126 million and Cotton USD 913 million (total of USD 1,948 million), he added.

As a result of increasing imports, Pakistan’s trade deficit has swelled to $17.30 billion in the first eight months of the current fiscal year FY21, showing a growth of 9% YoY.

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Posted on: 2021-03-03T13:07:00+05:00