US goods trade deficit hits record in November

Exports increase by 29.53% to Rs2.072 trillion in 5 months

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Islamabad: The exports from the country in rupee term witnessed an increase of 29.53 per cent during the first five months of the current fiscal year as compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.

According to PBS’s provisional data, the country’s exports from July to November (2021-22) were recorded at 20,725.12 billion rupees, while the export volume was 20,725.12 billion rupees. From July to November 2020-21, it will be 1,599.976 billion yuan.
At the same time, compared with the same period last year, the country’s exports in November increased by 45.35 compared to exports in November 2020. Exports in November 2021 increased by Rs 5,023.76 billion compared to exports. In November 2020, it was 34.64 billion.

Compared with the export value of 4230.63 billion rupees in October 2021, the export value increased by 18.75% on a monthly basis.

The main commodities of exports during November, 2021 were Knitwear (Rs. 79,221 million), readymade garments (Rs. 56,877 million), bed wear (Rs. 54,516 million), cotton cloth (Rs. 35,444 million), rice others qualities (Rs. 29,203 million), cotton yarn (Rs.18,883 million), towels (Rs.18,217 million), madeup articles, excluding towels & Bedwear (Rs.14,560 million), rice Basmati (Rs.10,872 million) and fish & fish preparations (Rs.9,364 million).

On the other hand, imports during July–November, 2021 totaled Rs. 5,537,253 million against Rs.3,197,899 million during the corresponding period of last year showing an increase of 73.15%.

Likewise, imports into the country during November, 2021 amounted to Rs. 1,371,660 million as against Rs. 1,093,545 million in October, 2021 and Rs. 683,354 million during November, 2020, showing an increase of 25.43% over October, 2021 and of 100.72% over November, 2020.

The main commodities of imports during November, 2021 were petroleum products (Rs. 218,224 million), medicinal products (Rs.119,194 million), petroleum crude (Rs.75,456 million), natural gas liquefied (Rs. 72,372 million), palm oil (Rs. 67,478 million), plastic materials (Rs. 51,515 million), iron & steel (Rs.48,005 million), iron & steel scrap (Rs.47,603 million), mobile phone (Rs.36,691 million) and electrical machinery & apparatus (Rs. 32,400 million).

At the same time, in U.S. dollars, the country’s exports increased by US$26.89, from US$9.744 billion in the period from July to November (2020-21) to the period from July to November (2021-22). 12.364 billion US dollars.

Imports in the month under review also increased by 69.57%, from 19.468 billion US dollars last year to 33.012 billion US dollars this year.

According to the data, the trade deficit during the period under review was US$20.648 billion, an increase of 112.34% from the US$9.724 billion in July-November (2020-21).

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