Exports jump by 11.6pc in August
ISLAMABAD: Pakistan’s merchandise exports jumped 11.6 per cent year-on-year in August against a negative growth in the preceding month, provisional data of Pakistan’s Customs showed on Thursday.
In July, the first month of the current fiscal year, the export proceeds shrank 5.17pc. However, the export proceeds revived to $2.5bn in August against $2.24bn in the corresponding month of last year.
On a month-on-month basis, the export proceeds increased by 11pc. Last time, the exports posted a negative growth of 14.75pc in August 2020.
In July-August, the total export proceeds stood at $4.75bn against $4.58bn in the corresponding period last year, indicating a growth of 3.71pc.
The textile sector has already complained about the rising cost of energy and raw materials mainly due to massive rupee depreciation. Moreover, exporters have also complained about refunds that stuck with the Federal Board of Revenue.
Contrary to this, the import bill fell by 13.5pc to $5.7bn in August from $6.59bn in the same month last year. In July, imports dropped by 12.81pc to $4.86bn from $5.57bn over the corresponding month of last year.
On a month-on-month basis, the import bill increased by 17.28pc.
The import bill in the first two months stood at $10.69bn this year against $12.16bn last year, indicating a decline of 12pc.
The import bill increased 43.45pc to $80.51bn during 2021-22, up from $56.12bn a year ago.
Taking to Twitter Finance Minister Miftah Ismail said that energy imports grew 5pc while that non-energy imports down by 21pc in August. He went on to say that remittances were up by 2pc to $2.7bn during August.
“Exports proceeds value and remittances value are still shy of imports”, the minister said, adding “But we’ll get there”, he further claimed.
The government imposed regulatory duties (RDs) on the import of nearly 800 luxury and non-essential goods in August. It will be observed whether the RDs will slow down the total import value or not.
Published in Dawn, September 2nd, 2022