ISLAMABAD, Dec 10: Export of raw cotton, synthetic fabrics, carpets and cutlery dropped drastically during the first five months of the current fiscal year, although textile and overall exports registered a nominal increase of below 0.4 per cent.

Provisional statistics of the Federal Bureau of Statistics for July to November suggest that raw cotton exports declined by 93.6 per cent to $4.208 million against $65.545 million during the same period last year, synthetic fabrics by 20.23 per cent, carpets by 22 per cent and cutlery by 14 per cent over the same period last year.

This loss of foreign exchange through fall in exports was partially offset by 24.74 per cent reduction in oil imports that stood at $1.187 billion against $1.578 billion during the same period last year.

In terms of value, import of petroleum products declined by 36 per cent and stood at $617 million during five months of current year against $961 million last year.

Similarly, the import of crude oil declined by 7.54 per cent during first five months of the current year to $570 million against $616 million same period last year.

Interestingly, the quantity of the import of petroleum products increased by around 21 per cent and stood at 34 million tons against 43 million tons last year despite the fact that domestic refineries were running at 70 per cent capacity. The fall in value of oil imports is attributed to fall in international oil price and decline in consumption.

Positive side of the story is that imports of textile machinery, construction and mining machinery increased by 51 per cent and 42 per cent respectively in five months this year when compared with same period last year.

Textile machinery imports in five months went up to $197 million against $96 million same period last year while construction machinery imports stood at $42 million compared with $30 million last year. This showed that at least these two industries maintained reasonable expansion and modernization.

Imports of textile synthetic fibre in five months increased by 20 per cent to $29 million against $19.5 million in first five months of last year. Similarly, synthetic and artificial silk yarn registered an increase of 21 per cent and amounted to $13 million against $10.5 million same period last year.

Fertilizer imports in five months increased by 22 per cent and stood at $130 million against $106 million last year. Import of iron and steel scrap increased by

63 per cent and amounted to $19 million against $12 million last year.

Similarly, iron and steel imports increased by 40 per cent to $154 million from $109 million last year. Imports of rubber tyres and paper products also increased by 29 per cent and 22 per cent respectively.

Exports of raw wool during five months increased by 26.5 per cent, leather by 17 per cent, oil seed and nuts by 1010 per cent, bed wear by 21 per cent, towels by 27 per cent, petroleum products by 29 per cent, leather manufactures by 20 per cent and molasses by 117 per cent.

On monthly basis, export of raw cotton dropped by 99 per cent in November compared with the same month last year while guar and guar products reduced by 31 per cent, crude animal material by 51 per cent, cotton bags and sacks by 33 per cent, tule and embroidery by 39 per cent, carpets by 39 per cent, petroleum products by 35 per cent and leather manufactures by 15 per cent.

In overall terms, Pakistan’s trade deficit reached $434 million during first five months (July-November) of the current fiscal year against an annual target of $900 million.

Total exports during five months (July-November) this year have amounted to $3.735 billion compared with $3.724 billion same period last year, showing an improvement of 0.29 per cent.

Similarly, five months imports have amounted to $4.169 billion compared with $4.641 billion during first five months of last year, recording a negative growth of around 10 per cent.

Seen in the monthly average context, five months suggest that although the trade deficit is within the annual target parameters, exports target of $10.1 billion would not be achievable in the existing circumstances. Similarly, the import target of $11 billion is estimated to remain short of target by $1 billion.