ISLAMABAD: The country’s overall exports reduced by 12.92 percent to $15.6 billion first nine months (July-March) of the current fiscal year from $17.9 billion of the same months of the last year mainly due to the massive decline in textile exports.
According to the latest figures of Pakistan Bureau of Statistics (PBS), textile exports witnessed 11.6 percent decline and decreased to $9.4 billion during July-March of the current fiscal year from $10.2 billion of the corresponding period of last year.
The exports of all major textile commodities decreased except towels and readymade garments. Export of towels registered minor increase of 0.21 percent and readymade garments’ exports enhanced by 4.2 percent to $1.6 billion during July-March 2015-2016 from $1.5 billion of the same period of previous year.
The official figures showed that raw cotton export declined to $75.3 million during July-March period from $142 million of the same period of last fiscal year, reflecting a decline of 46.97 percent. Meanwhile, export of cotton yarn declined to $989.841 million from $1.5 billion, showing decrease of 32.45 percent. Similarly, cotton cloth export declined to $1.7 billion from $1.9 billion, denoting a 10.14 percent fall.
Cotton carded or combed export reduced by 97.88 percent; yarn other than cotton yarn export dwindled by 20.38 percent to $26.5 million during July-February 2015-16 from $33.3 million of the previous year. Knitwear export during the period under review decreased to $1.7 billion from $1.8 billion and bedwear’s export reduced to $1.5 billion from $1.6 billion. Similarly, exports of canvas & Tarpaulin, art, silk & synthetic textile and made-up articles (excluding towels bed-wear) also showed declined.
According to the PBS figures, exports of food items reduced by 11.59 percent, as country spent $3 billion on exporting food commodities during the months of July-March 2015-16. The break-up of food group showed that following food commodities have recorded negative growth: rice 12.34 percent, fruits 5.34pc, tobacco 19.08pc, wheat 91pc, oil seeds, nuts and kernels 66.49 percent, sugar 36.37 percent and all other food commodities 14.58 percent during the period under review. However, spices recoded growth of 17.82 percent and meat and meat production 16.76 percent.
Meanwhile, exports of petroleum and coal products decreased by 74.74 percent, manufacturing products by 16.3 percent and leather manufacturing by 13.36 percent during July-March of the ongoing financial year.
According to the PBS data, the country’s imports went down by 4.22 percent to $32.5 billion from $33.9 billion of the previous year mainly due to huge decline in oil and food prices in international market. Pakistan’s oil import bill reduced by $3.3 billion during July-March of the ongoing financial year. The country imported petroleum products worth $5.58 billion during July-March of FY2016 as against $8.9 billion of the corresponding period of the previous year, showing a decline of 37.24 per cent.
