MARKET DEVELOPMENT
Exports Reached To $ 818 Million In Ten Months
Exports Reached To $ 818 Million In Ten Months
12/06/2013 (Associated Press of Pakistan) - In absolute term the overall exports posted an increase of $ 818 million in the first ten months of the current fiscal yer over the same period last year.The Economic Survey of Pakistan 2012-13 released here Tuesday said that of this increase, 76 percent or US$ 621.8 million was contributed by textile manufactures while all other items increased by 24 percent or $196.2 million.This increase of $ 818 million was slashed due to a decline in exports of rice ($ 128.6 million).
The monthly exports for the period July-April, 2012-13 remained mostly above the corresponding months of last year, averaging $ 2019 million per month as against an average of $ 1933 million last year.Pakistan’s exports are highly concentrated in few items namely, cotton & cotton manufactures, leather, rice and few others. Jewellery has recently become another mentionable item of our exports.
The first three categories including cotton & cotton manufactures, leather, rice exports account for 63.7 percent of total exports during the first nine months of 2012-13 with cotton manufacturers alone contributing 51.4.The surge in imports during last couple of years was mainly driven through the rising commodity and oil prices. After growing at an average rate of 14 percent per annum during last two years.
It is in this perspective that imports were targeted to increase by 6.8 percent ($42.9 billion) during 2012-13. However, ten months import data suggests that imports decelerated by 1.02 percent against the same period last year.
Lower import prices along with declining quantum in some of the categories of imports were the main reasons for slight fall in import bill.
Group-wise data on imports show that the food, transport, textile and agriculture imports recorded decline during Jul-April, FY13, which partially has been offset by the rise in machinery, oil and metal imports during first ten months of FY13.
Food group was mainly responsible in reducing the country’s import bill due to the decline in milk products, spices, palm oil, pulses and sugar imports.
The decline in palm oil imports is attributed to both lower quantum and price.The lower import quantum may also be linked to the increased use of soybean oil after record production of soybean in Indonesia.
The monthly exports for the period July-April, 2012-13 remained mostly above the corresponding months of last year, averaging $ 2019 million per month as against an average of $ 1933 million last year.Pakistan’s exports are highly concentrated in few items namely, cotton & cotton manufactures, leather, rice and few others. Jewellery has recently become another mentionable item of our exports.
The first three categories including cotton & cotton manufactures, leather, rice exports account for 63.7 percent of total exports during the first nine months of 2012-13 with cotton manufacturers alone contributing 51.4.The surge in imports during last couple of years was mainly driven through the rising commodity and oil prices. After growing at an average rate of 14 percent per annum during last two years.
It is in this perspective that imports were targeted to increase by 6.8 percent ($42.9 billion) during 2012-13. However, ten months import data suggests that imports decelerated by 1.02 percent against the same period last year.
Lower import prices along with declining quantum in some of the categories of imports were the main reasons for slight fall in import bill.
Group-wise data on imports show that the food, transport, textile and agriculture imports recorded decline during Jul-April, FY13, which partially has been offset by the rise in machinery, oil and metal imports during first ten months of FY13.
Food group was mainly responsible in reducing the country’s import bill due to the decline in milk products, spices, palm oil, pulses and sugar imports.
The decline in palm oil imports is attributed to both lower quantum and price.The lower import quantum may also be linked to the increased use of soybean oil after record production of soybean in Indonesia.