The Philippines has emerged as a fast growing market for Pakistan’s exports, which have increased by 36 per cent in first five months (July to November) of the current fiscal year. “It is encouraging to note that in the first 5 months of this year, Philippines has emerged as a fast growing market for our exports. During Jul-Nov 2020, exports to Philippines increased by 36percent to USD 41 million from USD 30 million in the same period last year .In Nov-2020, exports to The Philippines grew by 167 percent to USD 13 million compared to USD 4.8 million in Nov2019. This is in line with our geographical diversification policy,” said Adviser to the Prime Minister on Commerce and Investment Abdul Razak Dawood on Twitter on Saturday. In other tweet, he said, “I want to share that in Nov 2020, the exports of cotton yarn declined by 25 percent, raw leather by 21 percent, and cotton fabric by 12.2 percent. This is an indication that exports of low value-added products are decreasing and we are moving towards more value-added exports. I urge our exporters to keep pursuing this policy”. He further said that significant growth has been seen in the exports of home textiles (20 percent), pharmaceutical products (20percent), rice (14 percent), surgical goods (11 percent), stockings & socks (41 percent), jerseys & pullovers (21 percent), women’s garments (11 percent) and men’s garments (4.3 percent), as compared to Nov 2019. This is in line with our policy of promotion of value added exports and reflects a healthy trend, he added.
The latest data of Pakistan Bureau of Statistics (PBS) showed that Pakistan’s exports grew for the third consecutive month in November to $2.161 billion, up 7.67 per cent from $2.007 billion in the corresponding month last year. The increase in exports is mainly driven by double-digit growth in proceeds from textile and non-textile commodities. Meanwhile, during the month under review, imports also increased 7 percent leading to a slight increase in trade deficit. Between July to November, exports slightly increased by 2.11 percent to $9.737 billion, from $9.536 billion over the corresponding months of last year. Meanwhile, the imports have also shown increase of 1.29 percent to $19.42 billion in five months. Therefore, the trade deficit has widened by 0.48 percent to $9.69 billion in July to November period of the year 2020-21, according to the latest data of Pakistan Bureau of Statistics (PBS). Exports and imports have shown increase in the period under review. USA, UK, Germany remain top three destinations of Pakistani exports
APP: United States of America (USA) remained the top export destinations of the Pakistani products during the first four months of the financial year (2020-21), followed by United Kingdom (UK) and Germany. Total exports to the USA during July-October (2020-21) were recorded at $1461.063 million against the exports of $1428.525 million during July-October (2019-20), showing the growth of 2.27 per cent, according to State Bank of Pakistan (SBP). This was followed by the UK, wherein Pakistan exported goods worth $602.367 million against the exports of $580.674 million last year, showing an increase of 3.73 per cent. Germany was the at the third top export destination, where Pakistan exported products worth $493.735 million during the months under review against the exports of US $445.968 million during last year, showing a growth of 10.71 per cent, SBP data revealed. Among other countries, Pakistani exports to China stood at $462.268 million against $586.363 million during last year, showing a decrease of 21.16 per cent while the exports UAE to were recorded at $449.642 million against $534.027 million last year, the data revealed. During July-October (2020-21), the exports to Holland were recorded at $313.048 million against $344.662 million whereas the exports to Afghanistan stood at $269.463 million against $339.033 million. Pakistan’s exports to Italy were recorded at 230.179 million against the exports of US $266.939 million while the exports to Spain were recorded at $219.990 million against $311.168 million last year.
The exports to Bangladesh stood at $169.715 million against $248.377 million. Similarly, the exports to France during the months under review were recorded at $137.575 million against $152.384 million while the exports to Saudi Arabia stood at $142.579 million against $165.459 million. Pakistan’s exports to Turkey were recorded at $80.536 million during the current year compared to $101.167 million last year whereas the exports to Canada stood at $90.032 million against $93.540 million, to Poland $88.742 million against $89.023 million whereas the exports to Australia stood at $77.237 million during the current year against $66.712 million during last year. Overall Pakistan’s exports to other countries witnessed a decline of 10.32 per cent in the first four months, from $8.173 billion to $7.332 billion, the SBP data revealed.