Furniture exports decrease by 14.53pc in 6 months

ISLAMABAD: The furniture exports witnessed a decrease of 14.53 percent during the first half of current financial year (2020-21) as compared to the exports of corresponding period of last year.

Pakistan exported furniture worth US $1.547 million during July-December (2020-21) against the exports of $1.810 million during July-December (2019-20), showing a decline of 14.53 percent, according to the Pakistan Bureau of Statistics (PBS).

Meanwhile, on year-on-year basis, the furniture exports declined by 25.52 percent in December 2020 as compared to the export of the same month of last year. The furniture exports in December 2020 were recorded at $0.356 million against exports of $0.478 million in December 2019.

On month-on-month basis, the exports of furniture decreased by 28 percent during December 2020, as compared to the exports of $0.271 million in November 2020, the PBS data revealed.

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 as 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.