Exports of Textile, Food and Manufactured items witness decline during 5MFY21: SBP

December 25, 2020 (MLN): Pakistan’s exports during the month of November 2020 showed a growth of 5% YoY and 14% MoM to $2.227 billion.

However, cumulatively, during Jul-Nov FY21, the overall exports declined by 7% YoY to $9.55 billion as compared to $10.28 billion recorded during Jul-Nov FY20.

According to the data issued by the State Bank of Pakistan (SBP) on export receipts by commodities, Textile products remained the major exportable goods for Pakistan as it accounted for 56% of the total exports during the period of 5MFY21.  The overall exports of the textile group nosedived by 6% YoY to $5.37 billion from $5.68 billion recorded in the same period last year. Within the textile group, the major exportable goods include Knitwear, Readymade Garments, Bedwears, and Cotton Cloth.

The exports of Knitwear and Bed Wear both rose by 2% YoY to $1.255 billion and $1 billion respectively, while exports of Readymade Garments and Cotton Cloth plunged by 9% and 14% YoY to $1.02 billion and $736.3 million respectively during the period under review.

Food products emerged as the second leading exportable commodities accounted for 16% of the total exports. The exports of Food items during the period plunged by 15% YoY to $1.529 billion. Rice and Fish & Fish Preparations were the major sources of Foreign exchange earnings as their exports during the period recorded at $722 million, down by 8% YoY and $158.5 million, depicting a decline of 13% YoY respectively.

The share of other Manufactured goods in the country’s total exports was 15.8% during the period under review. The key exportable manufactured items include Chemical and Pharmaceutical products, Leather products, Sports goods, and Surgical items and medical instruments respectively.

Exports of Leather manufactured items and Surgical Goods & Medical Instruments both increased by 9% YoY to lock in at $228 million and $197.2 million respectively. Similarly, exports of Chemical and Pharma Products rose by 5% YoY to $437 million, whereas, the Sports goods dipped by 8% YoY to $201.8 million. This caused the overall foreign earnings from Manufactured items to decline 4%YoY to $1.5 billion.

Moreover, the share of the Petroleum group in the country’s total export basket was hardly 1% during July-Nov FY21. During that period, the country earned $33.78 million from exports of Petroleum Crude, $7.2 million from Petroleum Products, and $44.64 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 62% YoY to $85.64 million from $223.88 million in July-Nov FY20.

In the month of Nov’20 alone, the exports of Textile and Food, witnessed an increase of 8% and 2% YoY while the Manufactured products and Petroleum group witnessed a decline of 7% and 69% YoY.

On monthly basis, the exports of the Food group and Manufactured items showed a growth of 14% and 3% respectively, whereas, Petroleum group and Textile products witnessed a drop of 52% and 3% respectively.

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