Exports decrease by 14% YoY in January 2023: PBS

February 17, 2023 (MLN): Pakistan's exports in January 2023 were valued at $2.24 billion, showing a drop of 14.15% YoY and 2.98% MoM as compared to $2.6bn in January 2022 and $2.31bn in December 2022, according to provisional data released by the Pakistan Bureau of Statistics (PBS) on Friday.

In 7MFY23, the total export stood at $16.49 mn (provisional), indicating a decrease of 6.99% YoY, compared to $17.73mn 7MFY22.

However, in rupee terms, there was a positive trend in the overall export figures for the current fiscal year 2022-23, as exports during the July-January period totaled Rs3.7 trillion (provisional), a 22.61% YoY increase compared to the same period in the previous fiscal year. 

The main exports during January 2023 were Knitwear, with a value of Rs78.859bn, followed by Readymade garments Rs68.56bn, Bed wear Rs49.490bn, Cotton Cloth Rs37.22bn, Rice Others Rs23.63bn, Towels Rs21.33bn, and Cotton Yarn Rs15.89bn. 

At the same time, the total imports in January 2023 clocked in at $4.87bn, showing a drop of 5.41% MoM and 19.23% YoY.  

The government's data also revealed that the total imports from July 2022 to January 2023 in the current fiscal year FY23 amounted to $36bn, shrinking by 22.54% YoY compared to the same period last year.

The decline in imports is being attributed to various factors such as a slowdown in economic activity, supply chain disruptions due to the ongoing pandemic, and the import curtailment measures being implemented by the government.

In rupee terms, the import bill stood at Rs1.14tr (provisional), up by 7.27% YoY compared to January 2022.

In 7MFY23, the country imported goods and services worth Rs8.1tr (provisional), witnessing an increase of 2.1% YoY compared to the same period in the previous year.

The main imports in January 2023 include petroleum products, palm oil, petroleum crude, natural gas (liquified), iron and steel, plastic materials, raw cotton, wheat unmilled, electric machinery and apparatus, and iron and steel scrap.

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