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Footwear exports surge 26pc in 1Q of FY2019-20

Footwear exports surge 26pc in 1Q of FY2019-20

ISLAMABAD: Footwear exports from the country witnessed an increase of 26.3pc during the first quarter of the current financial year (1QFY20), as compared to the corresponding period of last year.

Pakistan exported footwear worth $37.062 million during July-September FY20 against the exports of $29.344 million during the same period of last fiscal, according to latest data released by the Pakistan Bureau of Statistics (PBS).

Among footwear products, the exports of leather footwear witnessed a growth of 22pc as it surged from $26.2 million in 1QFY19 to $31.961 million in 1QFY20.

However, the export of canvas footwear decreased slightly by 6.06pc, from $0.033 million to $0.031 million.

During the period under review, the export of all other footwear commodities increased by 62.97pc, from $3.111 million to $5.070 million.

On a year-on-year basis, footwear exports increased by 59.62pc in September 2019 when compared with the same month last year. The footwear exports during the month under review were recorded at $11.269 million as against the exports of $7.060 million in September 2018.

During the month under review, the export of leather footwear increased by 56.03pc, canvas footwear exports decreased 71.43pc while all other exports surged by 89.31pc.

On a month-on-month basis, the export of footwear products went down by 12.29pc in September 2019 when compared with the exports of $12.848 million in August 2019.

The export of leather footwear decreased by 15.09pc, canvas footwear by 68.42pc, however, the exports of all other footwear products increased by10.54pc.

It is pertinent to mention that the country’s merchandise trade deficit plunged by 34.85pc during the first three months of the current fiscal year as compared to the same month of last year.

The trade deficit during July-September 2019-20 was recorded at $5.727 billion against the deficit of $8.791 billion during July-September 2018-19.

The exports increased from $5.374 billion to $5.522 billion while imports declined by 20.6pc to $11.249 billion in 1QFY20.