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Exports of Chemical and Pharma products rise by 97.6% MoM in March amid growing demand

April 20, 2021 (MLN): Amid higher demand for healthcare products, the overall exports of Chemical and Pharmaceutical Products during the month of Mach’21 witnessed a sharp rise of 97.6% MoM to $147.6million compared to $74.6mn worth of exports in the previous month.

On yearly basis, the exports of the same group grew by 51.4% from $97.49mn in March 2020 when the outbreak of the Covid rattled the global economy.

The Chemical and Pharma products exported from Pakistan primarily include Plastic Materials, Pharmaceutical products and other Chemicals.

The major chunk of exports under the Chemical and Pharma sector during the month was mostly from the Plastic Materials which contributed a total of 16.2% of the entire group earnings. Total Plastic Materials exported during the month recorded at $23.92mn, marking a decline of 1.5% YoY while on MoM basis portraying an increase of 1.30%

The second major component of exports under the Chemical and Pharma Group was Pharmaceutical products which contributed a total of 15.46% of the entire group exports. Total Pharma goods exported during the month under review clocked in at $22.82mn, showing a growth of 37.38% while no change has been recorded on MoM basis.

On a cumulative basis, the exports of Plastic Material and Pharma products during 9MFY21 jumped by 6.31% YoY and 24.76% YoY to $233.45mn and $207.3mn as opposed to $219.6mn and $166.15mn recorded in 9MFY20 respectively.

Meanwhile, the exports of Surgical goods and Medical instruments during the month of March’21 surged by 23.77% YoY and 14.78% MoM to $39.42mn, compared to $34.35mn in the previous month and $31.85mn in March’20.

Cumulatively, Surgical goods and medical instruments' export during 9MFY21 witnessed an increase of 6.9% YoY from $303.13mn recorded in July-March FY20 to $324.27mn, the latest data released by the Pakistan Bureau of Statistic (PBS) showed.

On the import side, the imports of Medicinal products jumped to $115.82mn in March’21 when compared with the import during March’20 ($78.89mn), and February’21 ($104.37mn), thus showing a growth of 46.82% YoY and 10.97% MoM respectively.

Furthermore, during 9MFY21, the imports of Medicinal products rose by 10.31% YoY to $834.71mn from $756.69mn reported in Jul-march FY20.

 

Copyright Mettis Link News

Posted on: 2021-04-20T12:48:00+05:00

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