Pakistan’s textile group exports grew by 28.67 percent during the first two months (July-August) of the current fiscal year and remained $2.933 billion as compared to $2.280 billion during the same period of the last fiscal year.
This development was noted by the Pakistan Bureau of Statistics. Its exports and imports data also revealed that the textile group exports on a month-on-month basis declined by 0.57 percent and remained $1.462 billion in August 2021 as compared to $1.471 billion in July 2021.
The exports of the textile group exports increased by 45.19 percent on a year-on-year basis and remained $1.462 billion in August 2021 compared to $1.007 billion recorded in August 2020. The exports of cotton yarn registered a growth of 67.97 percent during July-August 2021 and remained at $193.389 million as compared to $115.136 million during the same period last year. They increased by 89.55 percent in August 2021 and were recorded at $103.518 million as compared to $54.612 million in August 2020.
The exports of raw cotton declined by 100 percent on both month-on-month (MoM) and year-on-year (YoY) bases.
Meanwhile, the imports of the petroleum group increased by 102.69 percent, reaching $3.087 billion in July-August 2021 as compared to $1.523 billion during the same period of the last fiscal year. They registered a growth of 32.06 percent in August 2021 and remained $1.756 billion against $1.330 billion in July 2021.
On a YoY basis, the imports of the petroleum group registered a growth of 127.99 percent as opposed to $770.58 million during the same month of 2020. The imports of construction machinery grew by 22.49 percent during July-August 2021 and remained at $20.660 million when compared with $16.867 million during July-August 2020.
Besides, the construction machinery registered a growth of 41.45 percent on a YoY basis and remained $9.982 million in August 2021 as compared to $7.057 million in August 2020. However, it registered a negative growth of 6.52 percent on an MoM basis when compared to $10.678 million in July 2021.
The country’s exports during July-August 2021 were $4.587 billion against $3.584 billion during the corresponding period of last year, showing an increase of 27.99 percent.
The exports in August 2021 were $2.248 billion as compared to $2.340 billion in July 2021, showing a decrease of 3.93, but they increased by 41.92 percent as compared to $1.584 billion in August 2020.
Pakistan’s imports over July-August 2021 totaled $12.168 billion against $6.990 billion during the corresponding period last year, indicating an increase of 74.08 percent. The imports in August 2021 were $6.593 billion as compared to $5.575 billion in July 2021, with increases of 18.26 percent and by 98.82 percent as compared to $3.316 billion in August 2020.
The country’s trade deficit widened by 122.58 percent from $3.406 billion in July-August 2020 to $7.581 billion in July-August 2021. They also widened by 150.87 percent in August 2021 and remained $4.345 billion as compared to $1.732 billion last August.
The trade deficit deepened by 34.31 percent when compared to $3.235 billion in July 2021. The main commodities of the exports during August 2021 were knitwear (Rs. 59,761 million), readymade garments (Rs. 46,565 million), bed wear (Rs. 43,448 million), cotton cloth (Rs. 30,880 million), cotton yarn (Rs. 16,987 million), other rice (Rs. 14,765 million), towels (Rs. 13,586 million), made up articles excluding towels and bedwear (Rs. 10,845 million), basmati rice (Rs.8,285 million), and fruits (Rs. 6,355 million).
The main commodities of imports during August 2021 were petroleum products (Rs. 146,370 million), medicinal products (Rs. 74,712 million), crude petroleum (Rs. 72,609 million), liquefied natural gas (Rs. 62,316 million), palm oil (Rs. 53,005 million), plastic materials (Rs. 43,624 million), iron and steel (Rs. 38,773 million), electrical machinery and apparatus (Rs. 35,333 million), power generating machinery (Rs. 28,834 million), and iron and steel scrap (Rs. 28,731 million).