Islamabad: Despite a major Rupee devaluation, Pakistani exports showed a meager growth of just 3 percent in the first six months of current fiscal year 2019-20, says a trade data released by Ministry of Commerce here on Sunday.
Soon after the assuming the office, PTI Government continued to suppress the imports by narrowing the trade deficit to minimize the current account deficit at manageable level but all its efforts remained fruitless as it succeeded to curtail the imports but the other side of export are either sluggish or failed to show a quantum jump, an official keeping an eye on the trade data of the country.
According to figure released by Commerce, the trade deficit in the first six months of current FY2019-20 stood at $ 5.13 billion—showing a decrease of 31 % but the exports only registered a growth of just over 3 % with an increase of $ 359 million whereas the imports fell from $ 27.95 billion to $ 23.18 billion in a period under review (July-Dec2019-20).
The top ten declining export products include molasses (98%), wheat ((88%), petroleum products (72%), oil seeds, nuts & kernels (56%), leather tanned (19%), sugar (11%), cement (7%), cotton cloth (3%) and cotton yarn (1%) whereas ton ten performing export products include basmati rice (56%), meat (52%), vegetables (41%), fish and sea foods (23%), rice other varieties (14%), artificial silk & synthetic textiles (13%), footballs (13%), leather footwear (13%),, readymade garments (12%), leather garments (12%), leather gloves (11%), surgical/medical instruments (10%), knitwear (8%) and bedwear ( 3%), said the official figures.
Similarly top growing import products include mobile phones (69%), electrical machinery & apparatus (48%), aircrafts, ships & boats (47%), petroleum gas liquefied (34%), iron & steel scrap(5%), spices (5%), worth clothes (3%) and rubber ( 2%) whereas top declining import products include CBU motor car (80%), CKD buses & trucks (51%), transport parts (47%), CKD motor cars (46%), fertilizer manufactured (33%), iron & steel (32%), petroleum crude (30%), petroleum products (24%), plastic materials (12%), palm oil (10%) and natural gas liquefied (5%), the figures added.
The official data further said that the destinations where exports are growing include Yemen (127%), Malaysia (74%), Thailand (74%), UAE (45%), Saudi Arabia (45%), Poland (34%), Netherland (15%), China (12%), Germany (8%) and USA (4%) whereas countries exports are declining include Poland (100%), Russian Federation (100%), Papu New Guinea (97%), India (96%), Guinea (85%), Philippines (40%), Vietnam (32%), South Korea (26%), Belgium (12%) and Afghanistan (11%).
Similarly the countries where imports shown declining trends include India (64%), Japan (44%), Thailand (38%), Saudi Arabia (33%), UAE (27%), Qatar (25%), Germany (24%), Kuwait (17%), Indonesia (16%) and USA (10%) whereas the countries showing increasing trends in imports include Algeria (186%), Iran (149%), Egypt (136%), Netherland (100%), Demark (72%), Vietnam (61%), Taiwan (34%), Canada (32%), Brazil (27%) and Italy (12%), the data concludes.