Textile Sector Exports Fall by 6.75 percent in One Month - Android

Pakistan’s textile exports declined by 6.75 percent in February and registered $1.234 billion as compared to $1.323 billion during January,… Read More

The post Textile Sector Exports Fall by 6.75% in One Month appeared first on .

Pakistan’s textile exports declined by 6.75 percent in February and registered $1.234 billion as compared to $1.323 billion during January, according to data released by the Pakistan Bureau of Statistics (PBS).

On a year-on-year basis, the exports of the textile group posted a decline of 3.12 percent as they reached $1.234 billion in February 2021 as compared to $1.273 billion in February 2020.

The exports of the textile group registered a growth of 6.69 percent during the first eight months of the previous period between July 2020 and February 2021, and remained at $9.999 billion as compared to $9.372 billion during the same period last year.

The country’s exports during July 2020 and February 2021 totaled $16.324 billion (provisional) against $15.633 billion during the corresponding period last year, showing an increase of 4.42 percent.

ALSO READ

FBR Responds to the Concerns of IT Sector Regarding the Replacement of Income Tax Exemption

Exports in February 2021 were $2.068 billion (provisional) as compared to $2.146 billion (provisional) in January 2021, showing a decrease of 3.63 percent, and by 3.23 percent as compared to $2.137 billion in February 2020.

Pakistan’s imports between July 2020 to February 2021 totaled $33.897 billion (provisional) against $31.483 billion during the corresponding period last year, showing an increase of 7.67 percent.

The imports in February 2021 were $4.623 billion (provisional) as compared to $4.820 billion (provisional) in January 2021, showing a decrease of 4.09 percent, but increased by 10.92 percent as compared to $4.168 billion in February 2020.

The country’s trade deficit widened by 10.87 percent to $17.573 billion during July 2020 and February 2021 as compared to $15.850 billion during the same previous period of July 2019 and February 2020.

Furthermore, a sector-wise division of the data of the exports and imports shows that the imports of construction machinery declined massively by 45.44 percent during July 2020 and February 2021, and remained at $77.933 million compared to $142.852 million during the same period last year.

The imports of the petroleum group declined by 21.70 percent as they reached $6.445 billion between July 2020 and February 2021, as compared to $8.232 billion during the same period last year.

ALSO READ

MoITT to Raise IT Taxation Issue With FBR and Finance Ministry

The main commodity that was exported during February 2021 was knitwear (Rs. 46.464 billion), which registered a growth of 16.16 percent as compared to the same period of last year, and decreased by 10.85 percent as compared to January 2021.

The exports of readymade garments were Rs. 37.945 billion and registered a decline of 12.28 percent as compared to the same period of last year, and a decline of 16.25 percent as compared to January 2021.

The main imported commodities during February 2021 were petroleum products that were registered at Rs. 53.679 billion, and had a decline of 44.74 percent as compared to the same period last year, and a decline of 12.03 percent as compared to January 2021.

The imports of natural gas and liquefied natural gas (LNG) registered at Rs. 35.733 billion with an increase of 10.73 percent as compared to the same period last year, and stayed at the same levels as compared to January 2021.

Pakistan also imported mobile phones worth Rs. 27.979 billion, registering a growth of 73.42 percent as compared to the same period of last year, and a decline of 11.25 percent as compares to January 2021.

The post Textile Sector Exports Fall by 6.75% in One Month appeared first on .