July 23, 2021 (MLN): The country’s total exports have posted a growth of 13.73 percent to around $25.62billion during FY21 as compared $22.53billion in FY20.
During the month of June’21 alone, total exports from Pakistan stood at $2.5bn, showing an increase of 58% YoY when compared to the export volume of June’20. The increase in exports may be attributed to the restoration of economic activities as the global economy reopened with the easing of virus-related restrictions.
Likewise, on a month-on-month basis, the overall export staged a surge of 17% in the month of June'21.
According to the data issued by the State Bank of Pakistan (SBP) on export receipts by commodities, textile products remained the major exportable goods for Pakistan as this group accounted for 58.44% of the total exports during the month of June’21. The overall exports of the textile group showed a massive growth of 46.32% YoY to $1.45bn compared to $997mn recorded in the same period of last year. while, on MoM basis, the exports moved up by 16.65% in June’21.
During June’21, key contributing products under textile head were knitwear ($349mn), readymade garments ($288mn), bedwear ($242mn), cotton cloth ($187mn) and cotton yarn ($119mn) with a growth of 69.64%, 48.65%, 41.76%, 13.29%, and 54.14%, respectively when compared to June’20.
On a cumulative basis, during FY21, the textile sector witnessed an upsurge of 12.58% and stood at $14.4bn on the back of an increase in exports value of towels, knitwear, bedwear and readymade garments by 29.61%, 25.42%, 20.55% and 8.61%, respectively.
In the month of June’21, the food group remained the second most contributing group in total exports. The trade value of food exports from the country stood at around $397mn, up by 2.30% YoY from $388.5mn in June’20. Similarly, on a sequential basis, this group depicted an increase of 7.8%.
According to the statistics, rice remained the major source of foreign exchange earnings as the export value of rice during June’21 stood at $192mn, dipped by 9.43% YoY whereas, on MoM basis, the export volume of the same commodity moved up by 3.69%.
During FY21, the export of rice witnessed a meagre decline of 0.8% to clock in at $2.2bn as compared to $2.27bn in the corresponding period last year.
Meanwhile, the export of fish & fish preparations stood at $34.6mn in June’21, showing a decline of 17% MoM and 0.47% YoY. On the contrary, exports of fish during the whole FY21 reported a nominal increase of 0.20% to $418.8mn compared to the same period last year.
During June’21, the share of other manufactured goods in the country’s total exports was around 14.46%. The key exportable manufactured items include Chemical and Pharmaceutical products, Engineering goods, Leather manufacturers, Sports goods and surgical goods and medical instruments respectively.
Exports of Surgical Goods & Medical Instruments saw a jump of 31% YoY to clock in at $39.23mn in June’21. Similarly, the Leather manufactured surged by 66.46% YoY to $54.39mn. In the same way, the export of Sports Goods posted a notable growth of 49.74% to $45mn.
With regards to the export volume of Chemical and Pharmaceutical Products, the segment witnessed a surge of 24.76% YoY to stand at $116.68mn.
Cumulatively, during FY21, the exports of Chemical and Pharmaceutical products, Leather goods and surgical goods and medical instruments manufactured products saw a surge of 6.65%, 16.51%, and 16.57% YoY, respectively.
Moreover, the share of the Petroleum group in the country’s total export basket was 1.02% during June’21. During that period, the country earned $7.89mn from exports Petroleum Products, and $17.6mn from the exports of Solid Fuel including Naphta.
During FY21, the total foreign exchange earnings under this segment stood at $235mn, posted a decline of 36.28% when compared to FY20.
Copyright Mettis Link News