July 17, 2020 (MLN):The imports of Agriculture & Other Chemical Products witnessed a decline of 16% during the outgoing fiscal year FY20 to $7.35 billion compared to $8.75 billion in FY19.
According to the latest data issued by Pakistan Bureau of Statistics (PBS), the main products during FY20 that contributed in declining the import bill of Agriculture and other Chemical Products were heavily imported Plastic Materials, Medicinal Products and Fertilizer Manufactured as their imports declined notably by 14.12%, 8.77% and 28.7% YoY to $1.9 billion, $997.42 million and $58.87 million respectively.
On the other hand, the total exports of the same group plunged by 11.25% to $1 billion from $1.13 billion in FY19. During FY20, Pakistan earned $502.12 million from the exports of Other Chemicals compared to $606 million in FY19, showing a decline of 17.14%.
Similarly, the exports of Plastic Materials during the outgoing fiscal year declined by 7.1 to $295,97 million compared to $318.56 million reported in FY19.
The exports of Pharmaceutical Products posted a negligible decline of 0.6% to $210.29 million in FY20 from $211.69 million in FY19.