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Plastic exports increase by 34pc during FY2018-19

Plastic exports increase by 34pc during FY2018-19

ISLAMABAD: The exports of plastic material from the country witnessed an increase of 33.90 percent during the financial year 2018-19 as against the exports of the corresponding period of last year.

The plastic exports from the country were recorded at $ 318.699 million during July-June (2018-19) against the export of $238.010 million during July-June (2017-18), showing growth of 33.90 percent , according to the latest data of Pakistan Bureau of Statistics (PBS).

In terms of quantity, the exports of the plastic material also witnessed an increase of 22.09 percent by ongoing up from 207,863 metric ton to 253,777 metric ton, according to the data.

Meanwhile, on-year-on-year basis, the exports of plastic materials grew by 67.71 percent during the month of June 2019 when compared to the same month of last year.

The plastic exports from the country during June 2019 were recorded at $ 28.322 million against the export of $ 16.887 million in June 2018.

On the other hand, on month-on-month basis, the plastic export also increased by 5.77 percent when compared to the export of $26.776 million in May 2019.

It is pertinent to mention here that the country’s merchandize trade deficit plunged by 15.33 percent during the fiscal year 2018-19 compared to the corresponding period of last year.

The trade deficit contracted to $31.820 billion during July-June (2018-19) against the deficit of $37.583 billion recorded during July-June (2017-18).

The exports during the period under review witnessed decrease of one percent by falling from $23.212 billion during last year to $22.979 billion during the ongoing fiscal year.

On the other hand, the imports declined by 9.86 percent to $54.799 billion during the period under review from $60.795 billion last year, the data revealed.

On year-on-year basis, the merchandize exports declined by 8.77 per cent, from $1.882 billion in June 2018 to $1.717 billion in June 2019 while the imports declined by 22.80 percent from $5.652 billion in June 2018 to $4.364 billion in June 2019, the data revealed.