January exports down 0.75 percent MoM

Pakistan's exports during January 2020 against December 2019 have witnessed a reduction of 0.75 percent, ie, from $1.993 billion to $1.978 billion, Pakistan Bureau of Statistics (PBS) said. According to the exports and imports figures released here on Tuesday by the PBS, the country's exports from January 2019 compared with January 2020 have also witnessed a decline of 2.78 percent from $2.035 billion to $1.978 billion.

The PBS data of previous years' also showed that there have been spike in export of readymade garments and other textile-related products during January, which during January 2020 over December 2019 has witnessed an increase.

The PBS data revealed exports of following items registered an increase in January 2020: readymade garments Rs41.6 billion, knitwear Rs37.9 billion, bed-wear Rs30 billion, cotton cloth Rs27.12 billion, Irri-6 rice exports Rs18.3 billion, cotton yarn Rs14.8 billion, towels R10.09 billion, fruits Rs9.72 billion, Basmati rice Rs9.7 billion, and made up articles Rs8.61 billion.

The PBS said Pakistan's exports during July-January, 2019-2020 witnessed an increase of 2.2 percent as it totaled $13.507 billion against $13.216 billion during the corresponding period of the last year.

The PBS data further revealed that the country's imports during January 2020 against December 2019 witnessed an increase as it went up by 2.43 percent from $4.037 billion in December to $4.135 billion in January 2020.

However, imports in January 2020 against the same period last year witnessed a reduction of 7.44 percent from $4.467 billion to $4.135 billion in January 2020.

The country's imports during July-January, 2019-2020 witnessed a decline of 15.64 percent from $32.42 billion to $27.35 billion against the corresponding period of last year.

Following were the major imported commodities during January, 2020: petroleum products Rs65.1 billion, petroleum crude Rs48.4 billion, electrical machinery and apparatus Rs35.82 billion, liquefied natural gas Rs34.53 billion, plastic materials Rs27.145 billion, palm oil Rs24.593 billion, iron and steel scrap Rs22.772 billion, mobile phone Rs22.338 billion, raw cotton Rs16.720 million, and iron and steel Rs16 billion.

Over the period, country's balance of trade improved by 15.66 percent from $32.42 billion to $27.35 billion on quarterly basis, while on monthly basis, the balance of trade declined by 2.43 percent from $4.037 billion to $4.135 billion.