ISLAMABAD   -   Pakistan’s textile exports were recorded at $9.99 billion during nine months (July to March) of the ongoing fiscal year. The country’s textile exports had remained at the same level of previous year, showing no growth. The incumbent government had provided several incentives to the five exports oriented sectors including textile to enhance the country’s exports. The government had depreciated the currency and reduced the prices of electricity and gas but it failed to achieve the desired results.

The data released by PBS showed that country’s overall exports had increased by only 0.11 percent to $17.08 billion during July to March period of the year 2018-19. The major chunk of the overall exports is from the textile sector, which remained at $9.99 billion. Exports from all other sectors are only $7.09 billion during nine months of the ongoing fiscal year.

In textile sector, according to PBS, exports of knitwear had enhanced by 9.29 percent during July to March period of the year 2018-19 over a year ago. Similarly, exports of bed wear had also recorded an increase of 2.69 percent and exports of made-up articles had gone up by 1.26 percent. Meanwhile, exports of ready-made garments had also surged by 2.02 percent in first nine months of the current financial year. The PBS data showed that exports of cotton cloth had recorded a decline of 2.09 percent. Similarly, exports of raw cotton had tumbled by 71.84 percent. Exports of cotton yarn witnessed decrease of 15.44 percent. Meanwhile, exports of towels had declined by 1.85 percent.

Meanwhile, the exports of food commodities had recorded decrease of 2.4 percent during first nine months of the current fiscal year. In food commodities, exports of fruits recorded growth of 8.66 percent, vegetables exports declined by 2.48 percent and oil seeds, nuts and kernels exports had gone up by 117 percent. Similarly, the exports of petroleum group and coal had enhanced by 21.52 percent during July to March period of the ongoing fiscal year.

Imports

The country’s imports had gone down by 7.96 percent to $40.75 billion during the nine-month period (July-March 2018/19) over the same period of the last financial year.

The country spent $10.6 billion on the imports of petroleum group, 3.81 percent higher than a year ago. In the petroleum sector, the government imported petroleum products worth $4.62 billion and spent $3.38 million on petroleum crude. Similarly, the country imported liquefied natural gas (LNG) worth $2.4 million and liquefied petroleum gas (LPG) worth $207 million.

The PBS data showed that country had spent $6.74 billion on importing machinery during July and March period of the ongoing fiscal year. The third biggest component was food commodities whose imports rose to $4.26 billion during first nine months of the ongoing financial year.

Trade deficit

The country’s trade deficit was recorded at $23.67 billion during nine months of the current financial year as against the deficit of $27.21 billion during corresponding period of the previous year. This depicts 13.02 percent or ($3.54 billion) reduction in the deficit.