Cutlery exports increase 25.41pc in 1st half of FY 2020-21

ISLAMABAD: The exports of cutlery from the country witnessed an increase of 25.41 percent during the first half of financial year 2020-21 as compared to the corresponding period of last year.

The country exported cutlery worth US $59.478 million during July-December (2020-21) against the exports of US $47.428 million during July-December (2019-20), showing growth of 25.41 percent, according to the Pakistan Bureau of Statistics (PBS).

Meanwhile, on year-on-year basis, the cutlery exports also rose by 34.47 percent during the month of December 2020 as compared to the same month of last year.

The cutlery exports in December 2020 were recorded at $ 9.976 million against the exports of $7.419 million in December 2019, the PBS data revealed.

On month-on-month basis the export of cutlery however witnessed decline of 4.46 percent in December 2020 as compared to the exports of $10.442 million in November 2020.

It is pertinent to mention here that the country’s trade deficit witnessed an increase of 5.93 percent during the first six months of financial year 2020-21, as compared to the corresponding period of last year.

The exports witnessed increase of 5.09% and reached to $12.110 billion against the exports of $11.524 billion of the same period of last year.

On the other hand, the country’s imports also rose by 5.51% and went up from $23.195 billion last fiscal year to $24.473 billion of same period of fiscal year 2020-21.

Based on the figures, the trade deficit during the period under review was recorded at $12.363 billion against the deficit of $11.671 billion during last year, showing increase of 5.93 percent.