Fish exports shrink 4.11pc to $406mn

ISLAMABAD:The exports of fish and its preparations decreased by 4.11 percent during the fiscal year 2018-19 as compared to the corresponding period of last year.

The seafood exports during July-May (2018-19) were recorded at $406.565 million against the exports of $423.977 million in July-May (2017-18), showing negative growth 4.11 percent, according to Pakistan Bureau of statistics (PBS).

In terms of quantity, Pakistan exported 179,743 metric tons seafood during the period under review against the exports of 184,107 metric tons last year, showing decrease of 2.37 percent.

On year-on-year basis, the fish exports from the country increased by 10.78 percent by going up from $52.429 million during May 2018 to $58.081 million in May 2019.

On month-on-month basis, the seafood exports increased by 6.4 percent in May 2019 when compared to the exports of $54.589 million in April 2019, the PBS data revealed.

Meanwhile, the overall food exports from the country witnessed decreased of 4.61 percent by going down to $4272.750 million during the first 11 months of the ongoing fiscal year compared to the exports of $4479.357 million during the corresponding period of fiscal year 2017-18.

It is pertinent to mention here that the country's merchandize trade deficit plunged by 13.62 per cent during the first eleven months of the current fiscal year compared to the corresponding period of last year.

The trade deficit contracted by 13.62 per cent to $29.207 billion during July-May (2018-19) against the deficit of $33.812 billion recorded during July-May (2017-18).

The exports during the period under review witnessed nominal decrease of 0.3% by falling from $21.330 billion during last year to $21.267 billion during the ongoing fiscal year.

On the other hand, the imports declined by 8.47 per cent to $50.474 billion during the period under review from $55.142 billion last year, the data revealed.

On year-on-year basis, the exports declined by 1.72 per cent, from $2.139 billion in May 2018 to $2.102 billion in May 2019 while the imports declined by 12.8 percent from $5.782 billion in May 2018 to $5.042 billion in May 2019, the data revealed.