The exports of Pakistan which were at a downfall for a gap of 4 months from March due to COVID-19 lockdown have risen by 5.8 percent in July.
According to the data released on Tuesday by the Ministry of Commerce showed that the new fiscal year started with a positive note, the profit of export grew by 5.8 percent to $1.998 billion in July.
The export takings of year to year in July has jumped to 11.3 percent. However, there is an improvement in export orders from international buyers have been observed very clearly. The major improvement was quite visible in the clothing and textile sectors since May.
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There was a drop in exports that widened in April with a decline of 54 percent that has now improved and came at 35 percent contraction in May, also 6 percent in June. There has been a drop of 1.57 billion dollars to $21.4 billion dollars in the fiscal year 2020 as compared to 22.97 billion dollars of the previous 2019 year.
Pakistan witnessed a 5.8% growth in exports and 4.2% decline in imports in July
Apart from rise in Pakistan exports during the last month, the import bill was decreased by 4.2 percent to 3.54 billion dollars in July as compared to the last month’s July with 3.696 billion dollars in 2019. In the course of 2019 to 2020, there has been a witness of import bill decline of 10.29 billion dollars to 44.509 billion dollars which was 54.799 billion dollars in 2019.
The trade of the country was plunged by 14.7 percent in July from a year ago. However, imports are also expected to bounce back in the coming months following the abolishing of regulatory duty on imports of raw materials and semi-finished products.
Exports of fish and fish products soared by 50 percent, jerseys, pullovers, cardigans, waistcoats, and similar articles 44 percent, women’s garments 34pc, leather apparel 28pc, made-up articles of textile materials 27pc, home textiles 24pc, copper and articles thereof 19 percent, and men’s garments 10 percent.
Meanwhile, some of the major items had a decline in imports i.e. petroleum gas, petroleum oils, cotton yarn, motor cars, footwear, machinery, fertilizers, organic chemicals, paperboard, rapeseeds, parts, and accessories for tractors, coal, petroleum oils excluding crude and paper.