Exports of major commodities exhibit a decline during Jul-March FY20

April 24, 2020 (MLN): Pakistan’s exports performance remained depressing during Jul-Mar FY20, as it only increased by 1% YoY to $18.25 billion as compared to $18.05 billion recorded during Jul-Mar FY19.

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 did not show any improvement as it remained at $10.2 billion 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 remained stagnant at $2.16 billion while the exports of Readymade Garments surged by 10% YoY to $2 billion. Moreover, the exports of Bedwear and Cotton Cloth dipped by 1% and 6% YoY to $1.78 billion and $1.55 billion respectively during the period under review.

Food products emerged as the second leading exportable commodities accounted for 19% of the total exports. Rice and Fruits were the major sources of Foreign exchange earnings as their exports during the period recorded at $1.6 billion, up by 7% YoY and $346.9 million, depicting a marginal decline of 1% YoY respectively.

The share of other Manufactured goods in the country’s total exports was 15% 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 and the goods that made up of leather such as leather garments, leather gloves and other leather manufactures surged slightly by 2% and 1% YoY to lock in at $331 million and $391 million respectively. Whereas, the exports of Chemical and Pharmaceutical Products and Sports Goods declined by 14% and 1% YoY to $789.7 million and $337.2 million respectively. This caused the overall foreign earnings from Manufactured items to decline 1%YoY to $2.8 billion.

Moreover, the share of Petroleum group in the country’s total export basket was hardly 2% during Jul-Mar FY20. During that period, the country earned $135.68 million from exports of Petroleum Crude, $73.9 million from Petroleum Products and $118.5 million 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 32% YoY to $328.15 million from $481.46 million in Jul-Mar FY19.

In the month of March alone, the exports of Textile, Food, Petroleum and Manufactured products remained stagnant on MoM basis, while on yearly basis, the exports of Textile products witnessed a marginal increase, whereas, the exports of Food, Petroleum and Manufactured items went down by 15%, 10% and 4% YoY.

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