May 28, 2021 (MLN): The country’s total exports have posted a growth of 6.54 percent to around $21billion during the first ten months (July-April) of the current fiscal year as compared $19.7billion in the corresponding period of FY2019-20.
During the month of April’21 alone, total exports from Pakistan stood at $2.29bn, showing an increase of 61% YoY when compared to the export volume of April’20. The increase in exports may be attributed to the restoration of economic activities as the global economy reopened with the easing of virus-related restrictions.
However, on a month-on-month basis, the overall export posted a decline of 12% in the month of April'21.
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 this group accounted for 56% of the total exports during the month of April’21. The overall exports of the textile group showed a massive growth of 54% YoY to $1.2bn compared to $827mn recorded in the same period of last year. whereas, on an MoM basis, the exports dipped by 9.8% in April’21.
During April’21, key contributing products under textile head were knitwear ($292mn), readymade garments ($265mn), bedwear ($224mn), cotton cloth ($159mn) and cotton yarn ($96mn) with a growth of 74.56%, 51.32%, 44.31%, 38.13%, and 33.26%, respectively when compared to April’20.
On a cumulative basis, during the ten months of the current fiscal year, the textile sector witnessed an upsurge of 5.97% and stood at $11.70bn on the back of an increase in exports value of towels, knitwear, bedwear and readymade garments by 24%, 16.89%, 14.61% and 2.5%, respectively.
In the month of April’21, the food group remained the second most contributing group in total exports. The trade value of food exports from the country stood at around $438mn, showing an increase of 21% YoY from $359mn in April’20. However, a similar group posted a decline of 12% on a sequential basis.
According to the statistics, rice remained the major source of foreign exchange earnings as the export value of rice during April’21 stood at $211mn which recorded an increase of 2.6% YoY whereas, on MoM basis, the commodity posted a decline of 11.62%.
During 10MFY21, the export of rice dipped by around 2% to clock in at $1.83bn as compared to $1.86bn in the corresponding period last year.
Meanwhile, the export of fish & fish preparations stood at $53.38mn in April’21, depicting a surge of 26.37% MoM and 77.4% YoY. On the contrary, exports of fish during the ten months of FY21 reported a decline of 3.8% to $342.4mn compared to the same period last year.
During April’21, the share of other manufactured goods in the country’s total exports was around 17%. The key exportable manufactured items include Chemical and Pharmaceutical products, Engineering goods, Leather manufacturers, Sports goods and surgical goods and medical instruments respectively.
Exports of Surgical Goods & Medical Instruments saw a jump of 64% YoY to clock in at $36.5mn in April’21. Similarly, the Leather manufactured surged by 49.4% to $43mn. The export of Sports Goods posted a remarkable growth of 56% to $38.3mn.
Unlike this, the exports of Chemical and Pharmaceutical Products witnessed a marginal decline of 2% YoY to stand at $116.9mn.
Cumulatively, during July-April FY21, the exports of Chemical and Pharmaceutical products, Leather goods and surgical goods and medical instruments manufactured products saw an increase of 2%, 9.4%, and 13.74% YoY, respectively.
Moreover, the share of the Petroleum group in the country’s total export basket was hardly 1% during July-April FY21. During that period, the country earned $79mn from exports of Petroleum Crude, $22mn from Petroleum Products and $93.98mn 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 43.5% YoY to $195mn from $345mn in July-April FY20.
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