November 21, 2019 (MLN): Pakistan’s export earnings as per balance of payment (BOP) has witnessed an upsurge of 3% YoY to $8.22 billion during Jul-Oct FY20 as compared to the same period of last fiscal year as per the latest data released by State Bank of Pakistan.
The foreign exports earnings valued at $2.21 billion in October FY20, up by 7% when compared to the same period of FY19 and a sharp rise of 17% as compared to the previous month.
According to the latest data issued by State Bank of Pakistan on export receipts by commodities, during Jul-Oct FY20, the export bill of food group stood at $1.44, up by 14%YoY to $1.26 billion when compared to the same period of last fiscal year. It was mainly up due to a 67% increase in basmati rice exports, which contributed 18% of total food exports during Jul-Oct FY20.
Other than that, fish & fish preparation’s exports jumped by 18% YoY during Jul-Oct FY20. The exports of fish products merely increased by 2% YoY in Oct FY20 and on a monthly basis, it surged by 36%.
Textile, one of the major sources of foreign exchange earnings, witnessed a decrease of 2% YoY to $4.63 billion during Jul-Oct 2019. Within the textile group, the major exportable goods include Knitwear, Readymade Garments, Bed wears and Cotton Cloth.
The exports of Knitwear and Readymade Garments went up by 1% YoY and 10% YoY to $1 billion and $913 million respectively. Whereas, the exports of Cotton Cloth and Bed Wears dipped by 7% YoY and 3% YoY to $702 million and $803 million respectively during the period under review.
On a year on year basis, the textile group’s exports valued at $1.21 billion, lower marginally by 2% in Oct FY20 versus to $1.24 billion of Oct FY19.
However, on a month-on-month basis, textile’s export bill showed significant growth of 10% as the exports during Sept FY20 were recorded at $1.1 billion.
As per SBP data on export receipts by commodities, the petroleum exports were recorded at $189 million, declined by 19% YoY during Jul-Oct FY20. This decline in petroleum group exports was subjected to the contraction of petroleum products’ exports by 52% YoY during the period under review.
On the contrary, the exports earnings in Oct FY20 rose by 35% to $68 million when compared to the same period of last fiscal year. On a monthly basis, the petroleum group exports showed massive growth, up by 2.42 times than the value of Sept FY20.
Other manufacture’s exports which accounted for 15% in Pakistan’s total exports as per BOP, stood at $1.22 billion, lower by 6% YoY during Jul-Oct FY20. The main income sources under this category are chemical and pharmaceutical products, sports goods, leather manufactures and Surgical Goods and Medical Instruments.
The exports of sports goods increased by 2% YoY, whereas chemical and pharmaceutical products, leather manufactures witnessed decline by 17% YoY and 11% YoY respectively and no change was observed in Surgical Goods and Medical Instruments during Jul-Oct FY20.
On the fiscal front, the exports of food and other manufacture experienced the contraction in exports by 3.59% and 7.57% respectively in FY19 when compared to FY18. While textile and petroleum group’s exports rose by 1.51% and 17.62% respectively in FY19 against FY18.
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