Review of Pakistan’s export and import

Studies reveal that for a long time Pakistan’s external sector remained under pressure. Export were on a downward trajectory, while import increased considerably. The main causes linked with falling exports were currency overvaluation, domestic energy crises, worldwide market contraction, falling international commodity prices, competitiveness crises mainly between Pakistan and major export competitors.

According to the provisional figures released through the Pakistan Bureau of Statistics (PBS), Pakistan’s export during February, 2021 worth to Rs. 329,116 million (provisional) as compared to Rs. 343,612 million (provisional) during January, 2021 and Rs. 329,588 million during February, 2020 explaining a fall of 4.22 percent over January, 2021 and of 0.14 percent over February, 2020. In terms of US dollars the exports in February, 2021 were recorded $ 2,068 million (provisional) as against to $ 2,146 million (provisional) during January, 2021 explaining a decline of 3.63 percent and by 3.23 percent as against to $ 2,137 million in February 2020. PBS also reveals that exports during July – February, 2020 – 2021 worth Rs. 2,651,474 million (provisional) as compared to Rs. 2,438,365 million during the same period of previous year explaining a rise of 8.74 percent. 4. In terms of US dollars the exports during July – February, 2020 – 2021 worth $ 16,324 million (provisional) as compared to $ 15,633 million during the same period of previous year explaining a rise of 4.42 percent. Furthermore, major commodities of exports during February, 2021 were Knitwear (Rs. 46,464 million), Readymade garments (Rs. 37,945 million), Towels (Rs.12,329 million), Basmati rice (Rs. 10,298 million), Madeup articles (excl. towels & bedwear) (Rs.9,406 million), Bed wear (Rs. 32,363 million), Cotton cloth (Rs. 23,705 million), Cotton Yarn (Rs. 19,137 million), Rice others (Rs. 18,391 million) and Fruits (Rs. 8,433 million). On the other hand, PBS also records that imports into Pakistan during February, 2021 worth to Rs. 735,609 million (provisional) as compared to Rs. 771,939 million (provisional) during January, 2021 and Rs. 642,896 million during February 2020 explaining a decline of 4.71 percent over January, 2021 but a rise of 14.42 percent over February 2020. In terms of US dollars the imports in February, 2021 were recorded $ 4,623 million (provisional) as against to $ 4,820 million (provisional) during January, 2021 showing a decline of 4.09 percent but increased by 10.92 percent as against to $ 4,168 million in February 2020. Imports during July-February, 2020-2021 totaled Rs. 5,503,675 million (provisional) as compared to Rs. 4,910,451 million during the same period of previous year explaining a rise of 12.08 percent. In terms of US dollars the imports during July-February, 2020-2021 totaled $ 33,897 million (provisional) as compared to $ 31,483 million during the same period of last year showing a rise of 7.67 percent.

Main commodities of imports during February, 2021 were recorded Palm Oil (Rs. 34,619 million), Petroleum crude (Rs.33,659 million), Plastic Materials (Rs. 31,810 million), Power generating machinery (Rs.31,569 million), Petroleum products (Rs. 53,679 million), Natural gas, liquefied (Rs. 35,733 million), Mobile phone (Rs.27,979 million), Raw cotton (Rs.24,683 million), Iron & Steel scrap (Rs. 23,709 million) and Electrical machinery & apparatus (Rs.23,366 million). It is said that Pakistan is at a very critical juncture, at a crossroads of history. It needs visionary strategies and practical steps to strengthen its presentation vis-a-vis the region by regional cooperation, trade promotion and economic integration. Peace and stability in the region can ensure regional cooperation – ensuring sustainable economic development, which in turn assists support economic growth and investment in Pakistan.