The ongoing debt crisis in the United States would not have any significant negative impact on Pakistani exports in 2011-12. “We have diversified our exports to regional markets of the United States.
In the past Pakistan’s share of exports to the United States was 35 per cent (of our total exports) that had been reduced to 22 per cent,” said Tariq Iqbal Puri, Chief Executive of the Trade Development Authority (TDAP), while talking to Pakistan Today on Wednesday.
In 2010-11, the country’s exports jumped to a record high of about $25 billion, from $19.20 billion in 2009-10, he said, adding that some non-traditional items also fetched significant foreign exchange that ballooned exports in last fiscal. For example, in 2010-11, the country earned $590 million from the export of wheat against its zero export in 2009-10.
Despite devastating floods exports of rice also bagged $2.20 billion dollars in last financial year, that was almost the same level of exports in 2009-10. After the havoc wreaked by the floods, we were anticipating a blow to rice exports, but the exporters strived and fetched over $2 billion through exports, he said. Likewise, exports of chemicals, meat, tobacco, vegetables and some other non-traditional items supported growth in overall exports in last financial year.
He said that the textile sector also played an important role in boosting exports as total textile exports mounted to $14 billion in FY11, from $10.22 billion in FY10.
Tariq Puri said the price hike in international markets and quantitative increase in exports of some the key items gave a pleasant and much needed boost to overall exports in FY11. For example, basmati rice exports increased by 7.70 per cent, fish exports surged by 24 per cent, while vegetables and meat reflected 75 per cent and 43 per cent quantitative exports, respectively, last year.
The TDAP chief said the new target of exports would be finalised within next few weeks. In this regard, a meeting would be held in Islamabad that is expected to be chaired by the prime minister to set the exports target for 2011-12 and to finalise the new trade policy. Tariq Puri said the new trade policy would be announced soon after Eidul Fitr. He said the government would try to facilitate exporters to further enhance trade in the ongoing financial year. He, however, said the momentum of impressive growth in exports would be sustained in the current financial year. He further said that the year 2012 would be celebrated as the year of Pakistan-Japan friendship with the aim to promote bilateral trade between the two countries. “We are celebrating 2011 as the year of Pakistan-China friendship,” he said.
