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Exports of major commodities slide by 19pc YoY, 20pc MoM

Exports of major commodities slide by 19pc YoY, 20pc MoM

ISLAMABAD: Pakistan’s exports showed a dismal picture in the month of August 2020, as total exports as per Balance of Payment (BoP) showed a 19pc YoY and 20pc MoM decline in August 2020, according to a report based on State Bank of Pakistan (SBP) findings by Mettis Global.

Cumulatively, during Jul-Aug FY21, the overall exports declined by 15pc YoY to $3.422 billion as compared to $4.015 bn recorded during Jul-Aug FY20.

According to the data issued by the State Bank of Pakistan (SBP) on export receipts by commodities, the Textile products remained the major exportable goods for Pakistan as it accounted for 56pc of the total exports during Jul-Aug FY21.

The overall exports of the textile group nosedived by 15pc YoY to $1.927 billion from $2.246 billion recorded in the same period last year. Within the textile group, the major exportable goods include Knitwear, Readymade Garments, Bedwears, and Cotton Cloth.

Vegetable products emerged as the second leading exportable commodities accounted for 12pc of the total exports during Jul-Aug FY21 to stand at $420 million. The export earnings from the vegetable group plunged by 30pc YoY during the said period. Cereals are the major sources of Foreign exchange earnings as its exports recorded at $293 million, down by 31pc YoY during the period under review.

The share of mineral products in the country’s total exports was 4% during the period under review. The key exportable manufactured items include Salt, Sulphur, Earth’s and Stones, Lime, and Stone. The overall foreign earnings from Mineral items decline by 38pcYoY to $136 million.

Moreover, during the period Jul-Aug FY21, the share of Leather goods in the country’s total export basket was hardly 4pc. During that period, the country earned $108 million from exports of articles of leather, travel goods, and handbags, etc. The total foreign exchange earnings from the exports of the leather group declined by 4pc YoY to $129 million from $134 million in Jul-Aug FY20.

Meanwhile, the foreign earnings from Base Metals and goods were recorded at $119 million, down by only 2pc YoY during the first two months of FY21.

In the month of August’20 alone, the exports of textile, vegetable, leather products witnessed a significant decline both on MoM basis and YoY basis. On an MoM basis, the exports of textile, vegetable, leather and base metals goods saw a fall 6pc, 25pc, 8pc, and 19pc respectively, whereas, on yearly basis, the exports of textile, vegetables, minerals and leather items went down noticeably by 14pc, 18pc, 27pc, and 7pc respectively.