Raw cotton export down by 97%, rice by 23%
Raw cotton and rice – the top export items of Pakistan – witnessed an alarming decrease in their exports in the first quarter of the current financial year 2020-21, reported 24NewsHD TV channel on Wednesday.
According to official documents, the rice export was slashed by 23.47 percent when compared with the corresponding period last year. Rice worth $360 million was shipped abroad during the period July-September. But it was raw cotton which experienced a nosedive with a 97.50 percent cut.
The exports of food items/products were reduced by 17.84 percent with a total volume of $880.60 million. That’s why the external trade of fruit was cut by 15.91 percent and of raw fish and products by 1.55 percent.
But this trend isn’t limited to agriculture/food products as the export of cotton yarn reduced by 42.65 percent and cotton cloth by 8.48 percent.
However, the textile sector as a whole experienced a slight increase of 2.92 percent with an export volume of $3.47 billion.
As far as the plastic materials and chemical/ pharmaceutical products are concerned, the export volume was reduced by 33.3 percent and 7.65 percent respectively.
The first quarter proved bad for sports goods as well with an 11.84 percent reduction. For example, the football exports were slashed by 22.87 percent and gloves by 16 percent.
Meanwhile, some manufacturers enhanced their profitability during this period with the jewellery – although not a big sector in the country – topping the list with a 112.53 percent surge.
Other sectors experiencing an increase are: electric machinery 23.20 percent, transport equipment 20 percent, engineering goods 19.3 percent and electric fans 9.26 percent.