ISLAMABAD: Eight export-oriented sectors including value-added textiles posted double-digit growth in November compared to the same month a year ago, data compiled by the Ministry of Commerce showed on Wednesday.
Growth in the value-added sectors contributed to an increase in overall exports from the sectors. Highest-ever depreciation of the rupee against the dollar and greater demand from the international market are reasons behind the growth in these export-oriented sectors.
The upward trend in exports of value-added sectors was seen for the past few consecutive months. In November, the total exports’ proceeds from the country reached $2.884 billion, up by 32.84 per cent from $2.171bn over the same period last year.
Rupee depreciation, greater demand from international market helped bolster exports
Exports of home textile products were up by 34pc to $465 million in November against $347m over the last year, followed by a 33pc increase in men’s garments to $446m against $335m last year. An increase of 68pc in jerseys and cardigans exports to $86m was noted against $52m over the corresponding month last year.
Exports of women’s garments posted an increase of 34pc to $83m in November against $62m over the corresponding month of last year, followed by 24pc increase in export of leather apparel to $70m against $56m over the last year. An increase of 127pc was noted in the export of fruits and vegetables to $63m against $28m over the last year. Cement exports were up by 193pc to $53m in November against $18m last year.
Exports of plastics posted a negative growth of 34pc to $46m against $69m from a year ago. A 5pc decline in exports of surgical instruments to $38m against $40m was observed over the corresponding month of last year. A decline of 7pc in meat exports to $30m from $32m a year ago was noted. A drop of 43pc in export of furniture to $2m from $4m was observed from a year ago.
According to the data, the United States of America, China, United Arab Emirates and Netherlands remained the top destinations of Pakistan’s exports during the month of November from a year ago.
Pakistan exports to the US posted growth of 48pc to $634m in November against $428m over the corresponding month of last year, followed by 30pc increase to China as it stood at $353m this year against $273m over the last year and 96pc increase to the UAE as it stood at $145m against $74m.
The export value to the Bangladesh increased by 87pc to $90m this year against $48m over last year, followed by an increase of 30pc to Germany as it reached $166m against $128m over the last year. Exports to Sri Lanka increased 185pc to $52m against $18m last year. Exports to Belgium went up 68pc to reach $76m against $45m over last year. Exports to Malaysia increased 220pc to $39m against $12m while exports to Italy went up 40pc to $93m against $66m.
In November, Pakistan’s exports declined 11pc to Afghanistan as it stood at $71m against $80m, 12pc to Indonesia to $17m from $19m, a decline of 65pc to Vietnam to $12m from $34m, and 24pc to Ukraine to $4m from $6m.
Published in Dawn, December 16th, 2021