Non-textile exports up 5 percent in June

KARACHI: The country’s non-textile exports rose five percent year-on-year to $693 million in June, while they remained flat as compared to the previous month, official data showed. 

Pakistan Bureau of Statistics (PBS) said non-textile exports amounted to $660 million in June 2016 and $688 million in May 2017. 

Food exports increased 1.06 percent to $286.035 million in June 2017 over June 2016, while they decreased 19.07 percent over May. Key rice export remained flat year-on-year (YoY) at $143.523 million in June. It, however, surged 22.81 percent month-on-month (MoM). Sugar export doubled YoY to $2.520 million. It fell 95.47 percent MoM. 

Underdeveloped leather sector also showed resilience in June as it fetched $47.695 million in revenue from exports of garments, gloves and other leather products, depicting increases of 12.42 percent YoY and 29.55 percent MoM. 

Analysts termed the surge as an offspring of exporters’ rush to avail condition-free rebate scheme, which ended on 30 June, 2017. The government announced one and half year incentive package for textile and leather exporters to rescue sagging exports. Now, duty drawback is conditioned with at least 10 percent increase in exports till end of the current fiscal year. 

PBS data showed that export of non-textile products, however, fell four percent to $7.995 billion during the last fiscal year of 2016/17. Non-textile exports amounted to $8.339 billion in 2015/16.

Food exports decreased 6.94 percent to $3.712 billion during the past fiscal year despite massive surge in wheat export, while export of sugar and seafood also increased. 

Wheat export climbed more than five times to $0.967 million as bumper crop ramped up its stock.

Sugar export fetched $161 million in FY17, up 21 percent over FY16.  Exports of fish and fish preparations jumped 21.35 percent to $394.217 million in 2016/17.  Leather sector’s exports, however, fell 6.49 percent to $492.028 million in 2016/17.     

Cement, which is also a major non-textile exports, earned the country $237.885 million in revenue during the last fiscal year, down 25.94 percent over a year ago.   In FY17, textile exports remained flat at $12.452 billion. In June, textile exports, however, rose 23.53 percent YoY and 29.74 percent MoM, respectively at $1.217 billion. 

The country’s total exports dropped 1.63 percent to $20.447 billion in 2016/17, while annual imports climbed 18.67 percent to $53.025 billion.

PBS data further showed that machinery imports continued to ratchet up in FY17 as the country imported $11.768 billion worth of power generation machinery, electrical equipment and telecom apparatuses during the period, showing 37.27 percent rise over FY16. 

In June, machinery import increased 10.96 percent YoY to $884 million. Yet, it decreased 14.43 percent MoM.  

Import bill of petroleum, oil and lubricant products soared 30.24 percent to $10.902 billion in the past fiscal year. Import of petroleum products surged both in terms of quantity (46.12pc) and value (27.91pc) to 14.799 million tonnes and $6.827 billion, respectively.

In June, oil bill soared 10.79 percent YoY to $1.006 billion. It fell 10.97 percent MoM. 

In FY17, import of agriculture products and other chemicals rose 4.96 percent to $7.584 billion.

Such imports increased 6.53 percent YoY to $655 million, yet decreased 5.02 percent MoM.  Food imports increased 13.92 percent to $6.138 billion during the last fiscal year. In June, food bill stood at $488 million, sliding 5.29 percent YoY and dipping 12.33 percent MoM, according to PBS.