Pakistan’s exports to US show 10.9pc increase
11
WASHINGTON: Pakistan’s exports to the United States have registered an increase of 10.9 per cent during the July-November 2020 period, shows the official US data released on Friday.
The data, released by the US Commerce Department, also showed that Pakistan’s exports to the United States increased from $1653.2 million in the same period in 2019 to $1832.6m in 2020.
In November 2020, Pakistan exported $386.3m worth of goods to the United States against total imports of $278.8m. Thus, Pakistan gained $107.5m from this bilateral trade.
In January, Pakistan exported $347.8m worth of goods to the US while its imports amounted to $315.0m, showing a gain of $32.8m.
Pakistan made the highest gain in August 2020 when its exports amounted to $344.5m against total imports of $134.9m. Thus, Pakistan gained $209m.
In February 2020, however, Pakistan exported $289.2m worth of goods to the US against total imports of $313.3m. Thus, the United States gained $24.1m in February.
Overall, from January to November 2020, Pakistan’s exports to the US amounted to $3,500.7m while imports stood at $2,477.0m, registering a net gain of $1,023.7m.
The data also showed that Pakistan’s exports rebounded to $5.5 billion in the first quarter of the fiscal 2021 from the 14-year low level of $4.0bn in the Covid-impacted fourth quarter of the fiscal 2020.
However, on a year-on-year basis, the exports were stable at last year’s comparable level. Exports had risen during both July and September 2020 on a year-on-year basis but over quarter exports were dragged down by the sharp 14.8 per cent drop in August 2020, when record rainfalls, especially in Karachi, had disrupted intra-country transport activity.
Among the major products, textiles and cement exports posted year-on-year growth, which helped partially offset weaker exports of good items and various other manufactured products.
Meanwhile, stagnation in exports could be traced to the UAE and China, with rice and cotton yarn respectively emerging as the major drags.
Within the South Asia region, exports to Afghanistan were strong on the back of some diversion of rice from the traditional Middle Eastern markets, whereas lower fabric exports to Bangladesh led to a drop in overall exports to the country during the quarter.
Published in Dawn, January 9th, 2021
