Exports up by 4.24 percent in 10 months

ISLAMABAD: The country’s overall exports recorded a growth of 4.24 per cent during first ten months of fiscal year 2013-14 (Jul-Apr) against 4.23 per cent in the same period last year.
In absolute terms, exports increased from $ 20,143 million to $20,997 million, according to the Economic Survey of Pakistan launched by Finance Minister Ishaq Dar here Monday. 
“Although there is moderate growth as compared to last year, the exports are likely to gain momentum in coming months due to access to GSP Plus”, depicted the survey.
Exports of food group were up by 0.7 per cent only while textile manufactures’ export increased by 6.5 per cent. Petroleum group exports registered manifold growth due to export of petroleum top Naphta amounting to $542.7 million during first ten months of the current year against none during corresponding period of last year.
The survey revealed that the exports of food group accounting for 19 per cent in total exports, grew only by 0.71 per cent and their share remained negligible in overall exports growth.
The exports remained highly concentrated in a few items namely cotton and cotton manufacturing, leather, rice, chemicals and pharma products, and sports goods. Although Pakistan traded with a large number of countries, its exports nevertheless were highly concentrated in a few countries. 
About one-half of exports’ destinations were to six countries namely, USA, China, UAE, Afghanistan, UK and Germany. The imports target for current financial year was set at $43.3 billion. 
The imports were up by only 1.2 per cent in the first ten months of the current fiscal year, rising from $36,664.94 million during FY12-13 (Jul-Apr) to 37,104.50 million, showing an increase of $439.56 million in absolute term. 
The major contributors to this additional import bill were alone the machinery group ($463.6 million or 9.8 per cent) followed by agriculture and chemicals ($291.5 million or 5.6 per cent) and textile group ($52.2 million or 2.4 per cent). 
Other groups witnessed decline in import led by metal group (8.4 per cent) and food group (5.8 per cent). The petroleum group, the largest group in the country’s import bill, witnessed a decline of 1.3 per cent ($157 million). 
The imports under food group witnessed a decline of 5.8 per cent. 

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