Pakistan’s exports surge by 22.45% in two months

ISLAMABAD (APP): Pakistan’s exports in terms of rupees saw a remarkable surge of 22.45% during the first two months of the current fiscal year, compared to the same period last year, as reported by the Pakistan Bureau of Statistics (PBS).

Exports for July-August (2023-24) reached Rs1,276,238 million, a substantial increase from Rs1,042,226 million during the corresponding period last year, according to provisional data released by the PBS. This surge amounts to a 22.45% rise.

Year-on-year, exports in August 2023 increased by 26.75%, reaching Rs695,136 million compared to Rs548,440 million in August 2022.

Month-on-month, exports also showed impressive growth, rising by 19.62% when compared to July 2023’s exports of Rs581,102 million.

The primary commodities contributing to August 2023’s exports were Knitwear (Rs117,892 million), readymade garments (Rs83,447 million), bedwear (Rs74,081 million), cotton cloth (Rs47,002 million), cotton yarn (Rs30,793 million), towels (Rs25,567 million), madeup articles (excluding towels & bedwear) (Rs18,377 million), rice others (Rs18,073 million), rice basmati (Rs16,271 million), and meat and meat preparations (Rs11,210 million).

Pakistan’s cotton yarn exports skyrocket

In contrast, imports during July-August (2023-24) totaled Rs2,371,596 million, reflecting a decrease of 2.42% compared to Rs2,430,313 million during the corresponding period last year.

On a year-on-year basis, imports into Pakistan for August 2023 amounted to Rs1,330,458 million, a 0.50% decrease from Rs1,337,189 million in August 2022.

Meanwhile, month-on-month, imports into the country surged by 27.79% in August 2023 when compared to July 2023’s imports of Rs1,041,138 million.

The main commodities contributing to August 2023’s imports were petroleum products (Rs180,628 million), petroleum crude (Rs119,438 million), natural gas (liquefied) (Rs89,854 million), palm oil (Rs80,346 million), plastic materials (Rs66,789 million), electric machinery & apparatus (Rs48,536 million), iron & steel (Rs47,489 million), mobile phones (Rs32,712 million), iron & steel scrap (Rs28,618 million), and medicinal products (Rs24,592 million).