Latest data reveals that during Feb’19, exports remained similar to last year’s levels and clocked in at USD 1.89bn while down by 8% MoM to USD 2.04bn in Jan’19.
Textile exports, which comprise around 58% of total exports, posted growth of 3% YoY. Meanwhile, the Food group and Petroleum Group exports registered decline of 7% YoY and 43% YoY, respectively.
Exports under Food and Petroleum group plunged due to decline in exports of Sugar (-79% YoY), Petroleum Naphtha (-100% YoY), Petroleum Crude (-62% YoY) and Vegetables (-26% YoY). On the other hand, textile exports increased due to rise in exports of value added products including Knitwear, Towels, Ready-made garments, Bed wear and raw cotton by 11%, 8%, 6%, 2% and 42% YoY, respectively.
Exports under Petroleum Group decreased due to decline in throughput of refineries which resulted in drop in exports of naphtha and petroleum products. During 8MFY19, exports registered a growth of 2% YoY to USD 15.11bn as compared to USD 14.84bn in SPLY. Key contributors to the improvement were Petroleum Group (+24% YoY), and All others (+9% YoY). Exports growth was led by Wheat (+777% YoY), Oil seeds & Nuts (+122% YoY), Petroleum Crude (+53% YoY), and Cements (+38% YoY).