According to the Economic Survey of Pakistan FY2022, the revival of global economic activity in the first half of 2021 has grown merchandise trade over its pre-pandemic peak, as worldwide merchandise trade volume has also grown by 9.8 percent last year. The global trade increased by 26 percent and stood at US$ 22.4 trillion, while services trade also grew by 15 percent and stood at US$ 5.7 trillion. It is also recorded that the world merchandise trade volume is projected to grow by 3.0 percent in 2022 and 3.4 percent in 2023 offered the Ukraine-Russia war does not expand further.
|Pakistan’s Major Exports (Percentage Share )|
|Sub-Total of three Items||73.6||69.1||70.4||70.4||70.5||69.9|
|P: Provisional, ** Leather & Leather Manufactured.Source: PBS|
The Survey also identified that during July-March FY2022, goods exports grew in Pakistan by 26.6 percent and amounted to US$ 23.7 billion, whereas services exports grew by 17.1 percent and amounted to US$ 5.1billion. Resultantly, the trade deficit grew by 55.5 percent and amounted to US$ 30.1 billion in Pakistan which is historically high. It is also said that remittances which are always supported in easing out the pressure of trade deficit of both goods and services registered at US$ 22.9 billion during July-March FY2022 and registered a growth of 7.1 percent. This ever-highest level of workers remittances was not sufficient to offset the trade deficit. Thus, the current account deficit registered at US$ 13.2 billion during FY2022 in the country. Further, the low performance of the financial account during the period not only resulted in the depletion of foreign reserves but also brought the exchange rate under pressure.
The experts identified that the USA remains the largest export market for Pakistan during July-March, FY2022. Exports to the USA have moderately grown from 20 percent in July-March FY2021 to 21 percent in July- March FY2022. Similarly, the Chinese share in exports has grown from 10 percent to 11 percent during the period under review.
|Main Commodities Exports From Pakistan|
|Commodities||%Change for value in million Rupees in September, 2022 over|
|August, 2022||September, 2021|
|Madeup Articles (Excl. Towels & Bedwear.)||10.55||37.11|
|Fish & fish preparations||124.66||79.27|
According to the provisional figures compiled by the Pakistan Bureau of Statistics (PBS), exports from Pakistan during September, 2022 amounted to Rs.563,714 million (provisional) as against Rs. 548,326 million in August, 2022 and Rs.404,847 million during September, 2021 explaining a rise of 2.81 percent over August, 2022 and of 39.24 percent over September, 2021. In terms of US dollars the exports in September 2022 were registered at $2,446 million (provisional) as against to $2,482 million in August 2022 explaining a decline of 1.45 percent but grew by 1.54 percent as against to $2,409 million in September 2021. Exports during July-September 2022 totaled Rs. 1,605,826 million (provisional) as compared to Rs. 1,147,073 million during the same period of last year representing a rise of 39.99 percent. In terms of US dollars, the exports during July-September 2022 totaled $7,179 million (provisional) as compared to $6,996 million during the same period of last year explaining a rise of 2.62 percent. PBS also recorded that the main commodities of exports during September, 2022 were registered knitwear (Rs. 100,580 million), towels (Rs.20,115 million), readymade garments (Rs. 63,821 million), bed wear (Rs. 61,630 million), cotton cloth (Rs. 46,819 million), cotton yarn (Rs.17,471 million), rice others (Rs.17,527 million), madeup articles (Excl. towels & Bedwear) (Rs.14,764 million), rice basmati (Rs.9,865 million) and fish &fish preparations (Rs.9,645 million).