Pakistan releases foreign trade report 2022 with 40% exports increase

By: News Desk
Published: 05:45 PM, 23 Jan, 2023
Pakistan releases foreign trade report 2022 with 40% exports increase
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Exports during Fiscal Year (FY) 2022 totaled Rs5,661,128 million against Rs4,041,927 million during the corresponding period of last year showing an increase of 40.06%.

In terms of US dollars, the exports during FY2022 totaled $ 31,782 million against $ 25,304 million during the corresponding period of last year showing an increase of 25.60%. 

The highest increase during FY2022 is observed in the month of June which was $2911 million. Exports of oil seeds, nuts & Kernels witnessed a growth of 64.2% in quantity and 104.8% in value during FY2022. 

Exports of textile manufacturers, which accounts for 60.82% of total exports witnessed a remarkable increase of 25.5% during FY2022 in comparison to the growth of 22.9% of last year and amounted to US$ 19.33 billion as compared to US$ 15.40 billion during FY2021.

The Petroleum group having a negligible share of 1.1% in total exports registered a growth of 83.1% and stood at US$ 333.816 million during FY2022 as compared to US$ 182.303 million in FY2021 which composed of 142.6% and 75.5% increase in export of petroleum crude, and petroleum product respectively. 

Exports of Primary Commodities during FY2022 increased by 29.2%, Semi- Manufactures by 18.2% and Manufactured Goods increased by 25.6%. Whereas, their respective share in total exports for the FY-2022 stood at 16.0%, 6.6% and 77.4%.

Exports of Chemicals and pharmaceuticals product grew by 36.5% and clocked at US$ 1.6 billion during FY22 while it was at US$1.1 billion in FY21. 

Chemicals, other than the ones used in pharmaceutical and plastic products, had the highest share at US$ 871.6 million during FY2022 showed a remarkable growth of 56.7% in comparison to US$ 556.1 million in FY2021.

Exports of plastic material reached US$ 428.4 million and showed a growth of 32.8% during FY2022.

Exports of pharmaceutical products during FY2022 witnessed a slight decline of 0.5% despite elevated prices of medicines in the international market.

Imports of soybean oil showed the highest growth of 106.4% in value but only 23.1% in quantity and clocked at US$ 197.15 million during FY2022. Palm oil with the largest share of 39.4% in the food group stood at US$3,549.31 during FY2022 as compared to US$2,668.61 million in FY2021 and showed an increase of 33% in value but a decrease of 12.3% in quantity.

The rise in the imports value of soybean oil and palm oil and a sharp decline in their quantities is due to all-time high international prices.

The machinery group with a 13.6% share in overall imports increased by 7.63% and reached to US$ 10,920 million during FY2021 as compared to US$ 10,147 million in FY2020.

Import of textile machinery surged by 29.1% and textile group imports surged by 23.8% and understandably as import of raw material for domestic industry was inevitable as the domestic cotton production has been declining during the last three consecutive years.

Metal group import increased by 33.3% and reached US$ 6,525.18 million. 

Increased activity in the construction and automobile sectors led to a surge in import of iron and steel by 49.8% in value and 19.4% in quantity during FY22. 

Imports of iron and steel scrap also increased by 24.10% in value during the period under review. The decline of 18.0% in iron and steel scrap is due to a rise in global price.

Country-wise, China remained top of the imports list followed by the United Arab Emirates, Saudi Arabia, Indonesia, the USA, and Qatar during Jul-Jun, 2022. 

The combined share of these six countries in total imports during this period was 54.5% as against their combined share of 56.3% during the corresponding period of last year.

Pakistan witnessed a trade deficit due to high imports of energy products including fuel, machinery equipment, and chemicals. 

Main import partners are the United Arab Emirates and China. 

Textiles account for most of Pakistan's export earnings. Imports during FY2022 totaled Rs14,273,483 million as Rs8,982,441 million during the corresponding period of last year showing an increase of 58.90%.

In terms of US dollars, the imports during July – June, 2021-22 totaled $ 80,137 million as against $56,380 million during the corresponding period of last year showing an increase of 42.14%. 

The balance of trade figures from 2022 were (-) 8,612,355 million in terms of Rupees and (-) 48,355 million in US dollars. 

The food group having 11.3% share of the total imports, witnessed a growth of 8.00% and its import reached to US$ 9,015.86 million during FY2022 as against US$ 8,347.8 million in FY2021.

Within the food group, an increase in imports was observed in tea, sugar, soybean oil, and palm oil.

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