Spices’ exports increase by 4.55 percent to $41 million in six months

ISLAMABAD: The exports of spices from the country increased by 4.55 percent during the first half (H1) of the current fiscal year as compared to the corresponding period of last year.

The exports of spices during the period from July to December (2020-21) earned $41.071 million for the country against the earning of $39.284 million during July-December (2019-20), according to the latest data of Pakistan Bureau of Statistics (PBS).

In terms of quantity, the exports of spices increased by 7.34 percent during the period under review by growing from 10,231 metric tons to 10,982 metric tons, the data revealed.

Meanwhile, the spices’ exports on year-on-year basis increased by 27.61 percent during the month of December 2020 against the exports of same month of the last year. The exports of spices during the month under review were recorded at $9.714 million against the exports of $7.612 million in December 2019.

Likewise, on month-on-month basis, the exports of spices increased by 96.64 percent during the month of December 2020 when compared to the exports of $4.940 million in November 2020, according to the PBS data.

It is pertinent to mention here that the country’s merchandize exports increased by 4.98 percent during the first half (H1) of the current fiscal year (2020-21) as compared to the corresponding period of last year.

The exports from the country during July-December (2020-21) were recorded at $12.098 billion against the exports of $11.524 billion during July-December (2019-20), according to the latest PBS data.

The imports into the country during the period under review also increased by 5.72 percent by growing from $23.195 billion last year to $24.521 billion during the first half of current fiscal year.

Based on the figures, the country’s trade deficit increased by 6.44 percent during the first half compared to the corresponding period of last year. The trade deficit during the first six months of the current fiscal year was recorded at $12.423 billion against the deficit of $11.671 billion last year.