Exports of Spices go down by 3.7% in 11 Months of Fiscal Year 2018

Pakistan exported spices worth $73.584 million during the first eleven months of the fiscal year 2017-18 against the exports of $76.415 million during the corresponding period of last year, showing negative growth of 3.7 percent.

In terms of quantity, as many as 19,582 metric tons were exports during July-May (2017-18) against the exports of $20,483 million in July-May (2016-17), showing decline of 4.4 percent, according to the data of Pakistan Bureau of Statistics.

The overall food exports from the country during the period increased by 30.80 percent during the period under review by going up from $3425.037 million to $4479.961 million, the data revealed.

Meanwhile, on-year-on-year basis, the exports of spices from the country declined by 13.10 percent during May 2018 against the exports of May 2017. The exports of spices in May 2018 were recorded at $6.609 million against the exports of $7.605 million during May 2017.

On month-on-month basis, the exports of spices from the country during May 2018 increased by 13.71 percent as compared to the exports of $7.659 million in April 2018.

It is pertinent to mention here that the merchandise exports from the country surged by 13.74 percent during the fiscal year 2017-18 as compared to the previous fiscal year (2016-17).

The exports from the country during July-June (2017-18) were recorded at $23.228 billion against the exports of $20.422 billion in July-June (2016-17), showing growth of 13.74 percent.

Imports into the country during the period also increased by 15.10 percent by going up from $52.910 billion in FY 2016-17 to $60.898 billion during FY 2017-18.

Based on the figures, the external trade deficit during the outgoing fiscal year 2017-18 increased by 15.95 compared to last year.

The trade deficit during FY 2017-18 was recorded at $ 37.670 billion against the deficit of $32.488 billion in FY 2016-17.

(APP)