According to reports of the Trade Development Authority of Pakistan, country is most likely to witness overseas sales of over $19 billion, during the current fiscal year.
While the changed target for this financial year, set for the country's exports was $17.8 billion, they are mostly going to settle at $19.1 billion, by the year end.
Initially, $18.6 billion was set as the target for this fiscal, but owing to poor export performance during the initial months, the government was forced to modify and keep a lower target and therefore set it at $17.8 billion.
However, due to sudden surge in raw cotton and cotton yarn prices, amidst other goods, tables turned for the export sector and country's exports generated huge profits.
During the first ten months of this financial year, the overall export profits generated $15.884 billion, witnessing a 7.72 percent increase as compared to $14.746 billion, which was recorded last year. Realistically, during the July-April period, exports rose by $1.138 billion as compared to the same period, last year.
Within the previous two fiscals, the export sector of the country failed to meet its targets and the overseas sales reduced owing to various global and domestic reasons.
Fibre2Fashion News Desk - India