Pharmaceutical exports increase 10.27pc in two months

ISLAMABAD: The exports of pharmaceutical products from the country witnessed an increase of 10.27 percent during the first two months of current financial year (2020-21) as compared to the corresponding period of last fiscal year.

Pakistan exported pharmaceutical products worth US $41.197 million during July-August (2020-21) as against the exports of US $37.360 million during July-August (2019-20), showing growth of 10.27 percent, according to the Pakistan Bureau of Statistics (PBS).

In term of quantity, the pharmaceutical exports rose by 4.93 percent, by going up from 2,599 metric tons to 2,477 metric tons during the period under review.

Meanwhile, on year-to-year basis, the exports of pharmaceutical products however witnessed nominal decrease of 1.80 percent during the month of August 2020 as compared to the same month of last year.

The exports of pharmaceutical product from the country during August 2020 were recorded at $16.636 million against the exports of $16.941 million in August 2019.

On month-on-month basis, the exports of pharmaceutical products also declined by 32.27 percent during August 2020, when compared to the exports of US $ 24.561million during July 2020, the data said.

It is pertinent to mention here that, the country’s merchandize trade deficit witnessed reduction of 7.48 percent during the first two months of current fiscal year (2020-21) as compared to the deficit of the corresponding period of last year.

The deficit during July-August (2020-21) was recorded at US $ 3.413 billion as compared to the deficit of US $ 3.689 billion, showing decline of 7.48 percent.

During the period under review, the country’s exports registered negative growth of 4.25 percent, by going down from US $ 3.744 billion last year to US $ 3.585 billion during the current year.

On the other hand, the imports decreased by 5.85 percent, from US $ 7.433 billion last year to US $ 6.998 billion during the current year.