Mercantile exports soar 24.7%, services exports 23.2%

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enewspaper.com.pk/ Mercantile exports soar

ISLAMABAD, (APP): The country‘s mercantile exports witnessed an increase of 24.7 percent during the first four months of the current financial year 2021-22, as compared to the corresponding period of last year.

According to an official Twitter handle of the Commerce Ministry, the country’s total exports stood at $9.44 billion during July-October (2021-22) as compared to the exports of $7.57 billion during July-October (2020-21), showing an increase of around $2 billion.

The products that contribute to positive growth include readymade garments, home textiles, cotton fabric, rice, cotton yarn, jerseys & cardigans, and synthetic fabrics.

The services exports also witnessed an increase of 23.2 percent to $1.572 billion from $1.276 billion during the first quarter of the financial year 2021-22.

Similarly, during July-September (2021-22) the IT exports grew by 42 percent to $635 million from $445 million last year whereas business services exports also rose by 29 percent to $394 million from $ 304 million last year, in addition to the travel services exports increased by 72 percent to $141 million from $ 82 million last year.

He also shared the sector-wise data of exports, according to which eight sectors recorded double-digit growth during the period under review.

Men’s garments’ export rose from $1.2 billion to $1.6 billion posting a growth of 32%, while that of home textiles witnessed a rise of 22% as it surged to $1.57 billion during July-October (2021-22) compared to $1.29 billion in the same period of last year.

Similarly cotton fabric export also surged by soaring by 20% to $745 million, rice by 19% to $599 million, cotton yarn by 73% to $398%, and jerseys & cardigans surged by 60% to $398 million.

Likewise, the export of women’s garments increased by 20% to $270 million and that of synthetic fabric soared by 35% to $131 million during the period under review.

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