Exports of food, manufactured items remain dismal, textile up by 2% in 9MFY21: SBP

April 27, 2021 (MLN): Exports of Pakistan witnessed slight improvement during Jul-Mar FY21, as it increased by 2% YoY to $18.7billion as compared to $18.28bn recorded during Jul-Mar FY20.

According to the data issued by State Bank of Pakistan (SBP) on export receipts by commodities, the Textile products remained the major exportable goods for Pakistan as it accounted 56% of the total exports during the period.  The overall exports of the textile group improved by just 2% YoY to $10.42bn compared to $10.21bn recorded in the same period of last year. Within the textile group, the major exportable goods include Knitwear, Readymade Garments, Bedwears and Cotton Cloth.

The exports of Knitwear and Bedwear both increased by 12% to $2.44bn and $2bn respectively. On the other hand, the exports of Readymade Garments and cotton cloth dipped by 2% and 11% YoY to $2bn and $1.38bn respectively, during the period under review.

Food products emerged as the second leading exportable commodities accounted for 17.63% of the total exports. Rice and Fruits were the major sources of Foreign exchange earnings. The exports of rice during the period declined by 2.5% YoY to $1.62 billion. However, exports of fruits rose by 4.12% YoY to $361mn.

The share of other manufactured goods in the country’s total exports was 14.78% during the period under review. The key exportable manufactured items include Chemical and Pharmaceutical products, Sports goods, Leather goods and surgical goods and medical instruments respectively.

Exports of Surgical Goods & Medical Instruments saw a jump of 10.32% YoY to clock in at $365.28mn. Similarly, the goods that made up of leather such as leather garments, leather gloves and other leather manufactures surged by 6.46% to $416.23mn. Likewise, the exports of Chemical and Pharmaceutical Products improved by 2.62% YoY to stand at $811.34mn. On the contrary, the export of Sports Goods experienced a fall of 8% to $348.46mn.

Moreover, the share of Petroleum group in the country’s total export basket was hardly 1% during Jul-Mar FY21. During that period, the country earned $66.71mn from exports of Petroleum Crude, $17.61mn from Petroleum Products and $75.98mn earned from the exports of Solid Fuel including Naphta.

In addition to this, the total foreign exchange earnings from the exports of these products declined significantly by 51.16% YoY to $160.27mn from $328.15mn in Jul-Mar FY20.

In the month of March alone, the exports of textile, food, manufactured products saw a notable increase of 19%, 27%, and 25% MoM respectively, while Petroleum exports dipped by 46% MoM.

 Similarly, on YoY basis, textile, food and manufacturing group witnessed a notable jump of 29%, 28% and 14% respectively during March’21, whereas petroleum exports went down by 14% YoY.

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