International studies revealed that the integration of states into the global economy is often seen as a significant factor of the growing income and growth. International trade boosts the global economy and at the same time can become a significant driver of the country’s economic growth. International trade promotes efficient resource allocation, enables a country to realize economies of scale, facilitates knowledge diffusion, promotes technological progress, and fosters competition in domestic and international markets, leading to production processes optimization and new product development.
In Pakistan, according to the present provisional statistics compiled through the Pakistan Bureau of Statistics (PBS), exports from Pakistan during October, 2021 worth to Rs.423,371 million (provisional) as compared to Rs.404,847 million (provisional) in September, 2021 and Rs. 342,063 million during October, 2020 explaining a rise of 4.58 percent over September, 2021 and of 23.77 percent over October, 2020. In terms of US dollars statistics showed that the exports in October, 2021 were recorded to $ 2,466 million (provisional) as against to $ 2,409 million (provisional) in September, 2021 explaining a rise of 2.37 percent and by 17.37 percent as against to $ 2,101 million in October 2020. Furthermore, the exports during July-October 2021 totaled at Rs. 1,570,444 million (provisional) as compared to Rs. 1,254,337 million during the same period of previous year explaining a rise of 25.20 percent. In terms of US dollars the exports during July-October, 2021 totaled $ 9,462 million (provisional) as compared to $ 7,573 million during the same period of last year showing a rise of 24.94 percent.
It is also recorded that main commodities of exports during October, 2021 were recorded Knitwear (Rs. 78,497 million), Readymade garments (Rs. 51,068 million), Bed wear (Rs. 49,425 million), Cotton Cloth (Rs. 31,528 million), Rice Others (Rs. 20,431 million), Cotton Yarn (Rs.18,225 million), Towels (Rs.14,092 million), Madeup Articles (Excl. towels & Bedwear) (Rs.12,217 million), Rice Basmati (Rs.8,987 million) and Oil seeds, Nuts and kernals (Rs.6,893 million). On the other hand PBS also recorded during the period under review imports into Pakistan during October, 2021 amounted to Rs. 1,096,467 million (provisional) as compared to Rs. 1,102,998 million (provisional) in September, 2021 and Rs. 633,218 million during October 2020 explaining a decline of 0.59 percent over September, 2021 but a rise of 73.16 percent over October 2020. In terms of US dollars the imports in October, 2021 were recorded to $ 6,386 million (provisional) as compared to $ 6,563 million (provisional) in September, 2021 showing a decline of 2.70 percent but increased by 64.16 percent as against to $ 3,890 million in October 2020.
The experts also recorded that the imports during July-October, 2021 totaled Rs. 4,168,515 million (provisional) as compared to Rs. 2,514,545 million during the same period of previous year explaining a rise of 65.78 percent. In terms of US dollars the imports during July-October, 2021 totaled $ 25,101 million (provisional) as compared to $ 15,176 million during the same period of previous year showing an increase of 65.40 percent.
It is also noted that main commodities of imports during October, 2021 were Petroleum products (Rs. 123,455 million), Natural gas, liquefied (Rs.81,608 million), Petroleum crude (Rs.62,718 million), Medicinal Products (Rs. 49,292 million), Iron & Steel (Rs. 46,694 million), Palm Oil (Rs. 42,257 million), Fertilizer Manufactured (Rs.39,132 million), Plastic Materials (Rs.35,984 million), Iron & steel scrap (Rs.35,034 million) and Power generating machinery (Rs. 27,000 million).