Exports up 27.89pc: Jul-May imports soar 44.51pc to $72.297bn YoY

ISLAMABAD: The country’s imports during July-May (2021-22) totalled $72.297 billion against $50.028 billion during the corresponding period of last year showing an increase of 44.51 percent, Pakistan Bureau of Statistics (PBS) said.

The exports and imports data released by the PBS revealed that the country’s overall exports during July-May (2021-22) totalled $28.873 billion against $22.576 billion during the corresponding period of last year showing an increase of 27.89 percent.

The imports in May 2022 were $6.777 billion as compared to $6.661 billion in April, 2022 showing an increase of 1.74 per cent and by 27.94 per cent as compared to $5.297 billion in May, 2021.

The country’s exports during May, 2022 were $2.626 billion as compared to $2.897 billion in April, 2022 showing a decrease of 9.35 per cent but increased by 57.15 per cent as compared to $1.671 billion in May, 2021.

Textile group exports during July-May, 2021- 2022 totalled $17.623 billion against $13.740 billion during the corresponding period of last year showing an increase of 28.226 per cent. The textile group exports decreased by 5.59 per cent on a month-on-month basis and remained at $1.641 billion in May 2022 compared to $1.739 billion in April 2022. On a year-on-year basis, textile group exports witnessed 56.08 per cent growth in May 2022, when compared to $1.051 billion in May 2021.

Cotton yarn exports registered a growth of 24.18 per cent during July-May 2021-22 and remained at $1.112 billion compared to $896.039 million during the same period of last year, and increased by 47.84 per cent in May 2022 and remained at $106.571 million when compared to $72.087 million during the same month of last year.

July-May trade deficit widens 57.85pc to $43.334bn YoY

Petroleum group imports witnessed an increase of 99.14 per cent growth as they reached $19.679 billion in July-May 2021-22 compared to $9.882 billion during the same period of the last fiscal year and registered 19 per cent growth in May 2022 and remained $2.645 billion when compared to $2.223 billion in April 2022 and registered 123 per cent growth on a year-on-year basis in May 2022 when compared to $1.184 billion during the same month of last year.

Construction and mining machinery imports witnessed a growth of 29.57 per cent during July-May 2021-22 and remained at $162.093 million compared to $125.102 million during July-May 2020-21.

The country’s trade deficit widened by 58.18 per cent from $27.452 billion in July-May 2020-21 to $43.424 billion in July-May 2021-22.

Main commodities of exports during May, 2022 were knitwear (Rs83,728 million), readymade garments (Rs62,887 million), bed wear (Rs55,008 million), cotton cloth (Rs45,215 million), rice others (Rs32,065 million), cotton yarn (Rs20,835 million), towels (Rs18,035 million), made-up articles (Excl towels and bedwear) (Rs13,756 million), rice Basmati (Rs11,868 million), and plastic materials (Rs9,199 million).

Main commodities of imports during May, 2022 were petroleum products (Rs288,039 million), natural gas liquefied (Rs114,160 million), petroleum crude (Rs105,310 million), palm oil (Rs60,163 million), plastic materials (Rs46,553 million), iron and steel (Rs46,223 million), raw cotton (Rs46,154 million), motor cars (CKD/SKD), Rs30,943 million), electrical machinery and apparatus (Rs29,210 million), and mobile phone (Rs26,825 million).

Copyright Business Recorder, 2022