Textile products remain the major source of foreign exchange earnings during Jul-Oct FY21

November 24, 2020 (MLN): Pakistan’s exports during the month of October 2020 showed a decline of 10% YoY and 1% YoY to $1.967billion.

Cumulatively, during Jul-Oct FY21, the overall exports declined by 10% YoY to $7.3 billion as compared to $8.17 billion recorded during Jul-Oct FY20.

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 58% of the total exports during period of 4MFY21.  The overall exports of the textile group nosedived by 9% YoY to $4.23 billion from $4.62billion 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 declined by 2% YoY to $989.49 million, Readymade Garments dipped by 13% YoY to $794.3 million, while Bedwears and Cotton Cloth plunged by 2% and 18% YoY to $793.8 million and $577.9 million respectively during the period under review.

The share of other Manufactured goods in the country’s total exports was 16% during the period under review. The key exportable manufactured items include Chemical and Pharmaceutical products, Leather products, Sports goods and Surgical goods and medical instruments respectively. Exports of Leather manufactures and Surgical Goods & Medical Instruments increased by 8% and 7% YoY to lock in at $181.7 million and $156.8 million respectively. Whereas, the exports of Chemical and Pharmaceutical Products and Sports goods dipped by 1% YoY and 6% YoY to $336.76 million and $166.64 million respectively. This caused the overall foreign earnings from Manufactured items to decline 3%YoY to $1.19 billion.

Food products emerged as the third leading exportable commodities accounted for 16% of the total exports. The exports of Food items during the period plunged by 18% YoY to $1.17 billion. Rice and Fruits were the major sources of Foreign exchange earnings as their exports during the period recorded at $545.6 million, down by 13% YoY and $124 million, depicting a decline of 8% YoY respectively.

Moreover, the share of Petroleum group in the country’s total export basket was hardly 1% during Jul-Oct FY21. During that period, the country earned $29.9 million from exports of Petroleum Crude, $5 million from Petroleum Products and $39.9 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 60% YoY to $74.9 million from $189 million in Jul-Oct FY20.

In the month of Oct’20 alone, the exports of Textile, Food, Manufactured products and Petroleum group witnessed a decline of 4%, 18%, 3% and 67% YoY. While on monthly basis, the exports of Food group, Textile and Petroleum depicted an increase of 10%, 1% and 116% respectively, whereas, exports of Manufactured items group plummeted by 8%.

Copyright Mettis Link News

Posted on: 2020-11-24T16:00:00+05:00