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Exports to India grow 1pc during eight months of current Fiscal Year

Exports to India grow 1pc during eight months of current Fiscal Year

ISLAMABAD: Pakistan’s exports of goods and services to India grew by one percent during the first eight months of the current fiscal year compared to the corresponding period of last year.

According to State Bank of Pakistan report, the overall exports to India were recorded at $273.530 million during July-February (2018-19) against exports of $270.843 million during July-February (2017-18), PBS data revealed.

On the other hand, the imports from India into the country during the period were recorded at $1145.941 million against $1095.595 million last year, showing positive growth of 4.59 percent in first eight month of current fiscal year.

Based on the trade figures, the trade of goods and services with India witnessed deficit of 5.7 percent during first eight months of ongoing fiscal year as compared to the corresponding period of last year.

The deficit during the period under review was recorded at $872.417 million against $824.752 million during same period of last year, the data revealed.

The commodities that contributed positively in trade included dates, figs, pineapples and avocados exports of which grew from $62.978 million last year to $63.168 million during the current fiscal year, showing growth of 0.30 percent.

The exports of oil seeds and oleaginous fruits also increased by 643 percent, from $1.689 million to $12.548 million whereas the exports of plants, pharmacy, perfume and insecticides increased by 8.35 percent, from $1.497 million to $1.622 million.

The exports of salt, pure sodium chloride and sea water grew by 12.61 percent, from $2.196 million to $2.473 million while the exports of medical, surgical and dental instruments increased by 25.60 percent, from $5.789 million last year to $7.271 million, the data revealed.

Pakistan’s over exports to other countries witnessed an increase of 0.16 percent in eight months, from $19.486 billion to $19.454 billion, the SBP data revealed.

Meanwhile, the commodities that contributed positively growth in external trade included Maize (corn) imports of which grew from US $2.529 million last year to US $7.750 million during the current fiscal year, showing increase of 206.50 percent.

The imports of oil seeds and oleaginous fruits NES also increased by 29.16 percent, from $12.394 million to $16.009 million whereas the imports of fats of bovine animals increased by 20.26 percent, from $5.360 million to $6.446 million.

The imports of cotton also increased by 21.70 percent, from $148.423 million to $180.635 million whereas the imports of insecticides, rodenticides and fungicides increased by 39.45 percent, from $14.677 million to $20.468 million.

The imports of polycarboxylic acid and anhydrides increased by 45.88 percent, from $27.551 million to $40.194 million whereas the imports of heterocyclic compounds with nitrogen hetero-atom(s) also increased by 25.18 percent, from $26.212 million to $38.814 million.

The overall imports into the country decreased by 4.85 percent, from $43.004 billion to $41.032 billion, according to the data.