Pakistan’s exports hit a record high on a monthly basis, clocking in at $2.9 billion in November, said Advisor to Prime Minister on Trade and Investment Abdul Razak Dawood on Wednesday.

The advisor shared the latest export figures via Twitter. He added that import figures, which would be key in determining the trade balance, would be shared shortly.

“Pakistan’s exports during Nov 2021 increased by 33% to a historic monthly high of $2.903 billion as compared to $2.174 billion during the corresponding period last year,” said Dawood.

The advisor shared that the export figures surpassed the government export target of $2.6 billion.

On a monthly basis, exports were up 18% as compared to $2.466 billion in October.

Dawood added that during the first five months of this financial year, Pakistan’s exports increased by 27% to $12.365 billion, as compared to $9.747 billion recorded in the same period last year. “Our target for this period was $12.2 billion,” he said.

Oct trade deficit widens 117.22pc to $3.886bn YoY

Eyeing to enhance the export base, the government has set a target of $38 billion for exports of goods and services for the ongoing fiscal year.

Back in September, Dawood expressed optimism that despite the above-stated target, the government would try to exceed it and reach $40 billion for FY22, expressing confidence that the industries and farmers will play their role in helping the government achieve it.

Export target of $38 billion set for FY22: Razak Dawood

Pakistan recorded exports of $27.209 billion in 2020-21 compared to $21.476 billion in 2019-20. However, many believe there is room for growth, especially as the rupee has depreciated to an all-time low against the US dollar, and the Real Effective Exchange Rate (REER) continues to decline, making the exports cheaper.