Pakistan’s exports since 2017-2018

Year wise exports of Pakistan since 2017-2018 are as follow:

Source: PBS

The growth of Pakistan’s exports as shown in above table declined in 2018-19 and 2019-20 as compared to the previous year. However, exports recovered strongly in 2020-21 and 2021-22 but shrunk again in 2022-23.

According to reported figures up to May 31, 2024, exports in current Financial Year (2023-24) stand at US$ 28 billion approximately.

The Compound Annual Growth Rate (CAGR) for 2017-18 to 2022-23 is positive at 3.0 percent. Although the export growth rate during this period was not ideal, it cannot be considered as stagnant.

The growth rate of Pakistan’s exports picked up in 2020-21 and continued to increase in year 2021-22, and declined in 2022-23. The Compound Average Growth Rate of the recent three years is 6.7 percent.

The recent three years exports are overall been positive and the similar trend has been going on in the current Fiscal Year.

It is worth mentioning that Pakistan’s exports crossed US$ 25 billion for the first time in 2020-21.

The below is a detailed graph showing Pakistan’s 10-year export trajectory:

Reasons of slow growth of Pakistan’s exports in previous years:

There are various reasons for the slow growth of exports, some of which are listed below:

• Liquidity issues faced by industry (stuck up refund and in-adequate allocation of financing schemes)
• Un-reliable and high cost of energy provision to industry
• Global demand contraction in Pakistan’s exports destination
• High cost of financing due to high interest rate
• Inflationary pressure
• Import rationing
• Non-availability of banking channels in certain destinations
• Global lockdown due to COVID

Note: The above information/data was shared with the Senate of Pakistan on June 11, 2024.