ISLAMABAD: The country's textile sector exports witnessed 15.35 percent decline in August 2020 compared to the same month of last fiscal year as it reduced from $1.19 billion to $1.007 billion, says the Pakistan Bureau of Statistic (PBS). The country exports during first two months July-August, 2020 of the ongoing financial year have witnessed a decline of 4.25 percent from $3.744 billion to $3.585 billion as compared with the same period of last year.
According to the PBS, the exports in August, 2020 witnessed a decline of 20.84 percent from $2.001 billion in July 2020 to $1.584 billion in August. The PBS data said that the country's exports in August 2020 against same month of the year 2019 witnessed a reduction of 14.75 percent as it went down from $1.858 billion in August 2019 to $1.584 billion in August 2020.
According to the PBS, petroleum group witnessed around 24.27 percent decline in imports during August 2020 compared to August 2019 as it remained $770.586 million compared to $1.017 billion, during the same period of last year. Petroleum products witnessed 24.78 percent decline, LNG 51.01 percent and others 11 percent decline, however, petroleum crude witnessed 9.49 percent increase, and LPG 13 percent.
Textile group witnessed 15.35 percent decline in exports as it remained $1.007 billion in August 2020 compared to $1.19 billion during the same month of last year. Knitwear exports witnessed 5.21 percent decline in August 2020 compared to July, readymade garments 8.48 percent, bed wear 6.95 percent, cotton cloth 12.91 percent, rice others 13.61 percent, towels 4.64 percent, cotton yarn 48.40 percent, madeup articles (excl towels and bedwear) 0.09 percent, and surgical goods and medical instruments 8.11 percent.
According to the PBS, following were the main commodities of exports during August, 2020: Knitwear worth Rs41.7 billion, readymade garments Rs34.04 billion, bedwear Rs30.35 billion, cotton cloth Rs24.37 billion, rice others Rs10.99 billion, towels Rs9.27 billion, cotton yarn Rs9.16 billion, made-up articles excluding towels and bed-wear Rs8.2 billion, Basmati rice Rs5.64 billion, and surgical goods/medical instruments Rs5.52 billion.
According to the PBS, the country's imports during July-August 2020-2021 as compared with 2019-2020 declined by 5.85 percent from $7.433 billion to $6.998 billion. Petroleum products imports witnessed 20.19 percent decline in August 2020 compared to July 2020, natural gas, liquefied 48.03 percent, and electrical machinery and apparatus 60.48 percent, while petroleum crude witnessed increase of 16.16 percent, mobile phones 97.16 percent, plastic materials 2.34 percent, palm oil 3.47 percent, iron and steel scrap 23.51 percent, power generating machinery 22.26 percent, and medicinal products 0.44 percent.
While imports in August, 2020 against July registered a decline 9.53 percent from $3.67 billion to $3.3 billion, and the imports in August 2020-2021 against August 2019-2020 registered a decline of 10.65 from $3.7 billion to $3.3 billion.
Following were the major commodities of imports during August, 2020: Petroleum products Rs60.8 billion, petroleum crude Rs40.3 billion, mobile phones Rs26.56 billion, plastic materials Rs25.94 billion, palm oil Rs24.62 billion, liquefied natural gas Rs24.3 billion, iron and steel scrap Rs24 billion, power generating machinery Rs18.98 billion, electrical machinery/apparatus Rs15 billion, and medicinal products Rs13.75 billion.
Based on the provisional figures of imports and exports the balance of trade in August, 2020 was(-) 291,813 million in terms of rupees and (-) 1,740 million in US dollars. The balance of trade figures cumulative from July-August, 2020 were (-) 570,821 million in terms of rupees and (-) 3,413 million in US dollars.
Copyright Business Recorder, 2020