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Plastic exports dip over 1pc to $77.23m in 1Q of FY2019-20

Plastic exports dip over 1pc to $77.23m in 1Q of FY2019-20

ISLAMABAD: The exports of plastic materials from the country during the first quarter of financial year (2019-20) witnessed decline of 1.76 percent as compared to the corresponding period of last year.

The plastic exports from the country were recorded at $77.235 million during July-September (2019-20) as against the exports of $78.620 million during July-September (2018-19), showing nominal decrease of 1.76 percent, according to the Pakistan Bureau of Statistics (PBS).

In terms of quantity, the exports of the plastic witnessed increase of 19.76 percent by growing from 57,064 metric tons to 68,340 metric ton, according to the data.

Meanwhile, on year-on-year basis the plastic exports grew by 13.54 percent during the month of September 2019 when compared to the same month of last year.

The plastic exports in September 2019 were recorded at $ 26.182 million against the exports of $23.059 million in September 2018, the PBS data revealed.

On month-on-month basis, the exports of plastic also increased by 17.61 percent in September 2019 when compared to the exports of $22.261 million in August 2019.

It is pertinent to mention here that the country’s merchandise trade deficit plunged by 34.85 percent during the first three months of the current fiscal year (2019-20) as compared to the deficit of 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 during last year to $5.522 billion during the current fiscal year, showing growth of 2.75 percent.

On the other hand, the imports into the country witnessed declined of 20.6 percent by falling from $14.165 billion last year to $11.249 billion during the current fiscal year, the data revealed.