October 23, 2019 (MLN): Pakistan’s exports performance has remained weak over the past few months as it only increased by 2% YoY to $ 6 billion during Jul-Sept 2019, as compared to the corresponding period last year.

According to the latest 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 59% of the total exports during the period.  The overall exports of textile group witnessed a 2% YoY decline to $3.4 billion. Within the textile group, the major exportable goods include Knitwear, Readymade Garments, Bedwears and Cotton Cloth.

The exports of Knitwear and Readymade Garments surged by 2% and 10% YoY to $742.8 million and $689 million respectively. Whereas, the exports of Bedwear and Cotton Cloth dipped by 4% and 8% YoY to $583 million and $517.8 million during the period under review.

Food products emerged as the second leading exportable commodities accounted for 18% of the total exports. Rice and Fruits were the major sources of Foreign exchange earnings as their exports during the period recorded at $ 460.5 million and $ 106 million, depicting a growth of 31% and 6% YoY respectively.

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, Sports goods, Leather goods and Surgical goods and medical instruments respectively. Exports of Sports Goods and Surgical goods surged slightly by 5% and 2% to lock in at $130 million and $106.7 million respectively. Whereas the Chemical and Pharmaceutical Products and the goods that made up of leather such as leather garments, leather gloves and other leather manufactures, their total exports declined by 16% and 18% YoY to $255.6 million and $120.5 million respectively.

Moreover, the share of Petroleum group in the country’s total export basket was hardly 2% during Jul-Sept 2019. During that period, the country earned $45.5 million from exports of petroleum crude, $26.4 million from petroleum products and $48.7 million earned from the exports of Solid Fuel including Naphta. The foreign exchange earnings from the exports of petroleum crude and petroleum products declined significantly by 34% and 59% YoY respectively.

Copyright Mettis Link News

30711