ISLAMABAD: Pakistan’s exports climbed by 28.1% in the first eight months of the current fiscal year compared to the same period last year, reports WealthPK.
According to a monthly report of the State Bank of Pakistan (SBP), exports of $20.617 billion were recorded in the first eight months (July-Feb) of the current Fiscal Year 2021-22 compared to $16.093 billion in the corresponding period of 2020-21.
Meanwhile, exports during February 2022 amounted to $2.885 billion against the exports of $2.178 billion during February 2021. The comparison shows a healthy growth of 32.5% during the corresponding months. Exports maintained the growth momentum in February and jumped by 16% compared to January 2022 when they were $2.497 billion.
“Exports were close to all-time high, rising 16% (in February) compared to January. Imports fell by 18% to their lowest level in FY22,” the SBP reported through its Twitter handle.
Textile group has the largest share of all commodities exported. It brought in $11.794 billion in the first eight months of FY22. Export of food items, including rice, wheat, fish and vegetables, accounted for $3.256 billion during the corresponding period.
From July through February 2022, petroleum product exports reached $257.351 million, representing a 79% increase over the same period the previous year. Moreover, export of other products, including surgical and medical instruments, sports goods, leather manufactures, chemical and pharmaceutical products, brought in $2.735 billion.
According to the SBP report, the United State, the People’s Republic of China and the United Kingdom were the top export destinations during the first eight months of the fiscal year 2021-2022. From July to February 2022, exports to the United States climbed by 43.3% from $3.079 billion to $4.411 billion.
Furthermore, exports to China increased by 58% in July-Feb 2022 reaching $1.841 billion up from $1.166 billion during the corresponding period of previous year. Exports to the UK increased by 12.5% to $1.473 billion from $1.309 billion last year.
On the other hand, imports surged to $47.902 billion from $32.123 billion during July-February 2022 compared to the same period of FY21. While on month-on-month comparison, imports decreased by 18% in February 2022 reaching $5.166 billion compared to the imports of $6.314 billion in January 2022.
Following the peak of the overall import bill in January 2022, several commodities’ imports begin to decline. In February, food imports plummeted by 17%, machinery imports 13%, transportation goods imports 22%, and agriculture and chemical imports 1% compared to January FY22.
INP
