Trade deficit narrowed around 23 percent year-on-year in October to $1.58 billion in October as textile value-added exports showed improvement, while imports were down relatively sharply.
Global lockdowns related to coronavirus pandemic upended the world’s economy. Economic activities came to halt and ports were chocked with cargoes unmoved due to slowdown in transportation. In July-October, exports marginally decreased 0.1 percent. Exports during the period stood at .
54 billion compared to $7.54 billion during the same period last year. Trade deficit in the first four months of the current fiscal year contacted 4.5 percent to $7.42 billion from $7.77 billion.
Export increases were mostly in the value-added sectors. The increases were witnessed in home textiles (10 percent), women’s garments (20.
8 percent), jerseys and pullovers (35.3 percent), made-up articles of textile (10.
4 percent), stockings and socks (19.2 percent), cement (10.8 percent), pharmaceutical products (26.8 percent), tarpaulins (66.8 percent), and made-up clothing accessories (245.2 percent).
Exports of mostly non-value-added products decreased during the July-October period. Cotton fabric exports were down 8 percent.
Exports of cotton yarn fell 40.1 percent. Worn clothing exports dipped 63.6 percent. Exports of raw leather slipped 38.4 percent. Crude petroleum exports dipped 53.7 percent. Exports of cotton sharply fell 95.7 percent.
Pakistan’s top five growing markets during July-October were Indonesia with 39.3 percent share, followed by Qatar 34.5 percent, Denmark 24.9 percent, South Korea (22.5 percent) and Afghanistan (15.6 percent).
