Pakistan earns $80 million from export of engineering goods

ISLAMABAD (APP): Pakistan has earned $80.002 million from the exports of engineering goods during the first five months of the current fiscal year, Pakistan Bureau of Statistics (PBS) reported.

According to the PBS data, the earnings from exports of engineering goods witnessed an increase of 17.71 percent during July-November (2020-21) when compared to the exports of the same months of the last fiscal year (2019-20).

Among the engineering goods, the exports of electric fans increased by 15.54 percent by growing from $8.690 million to $10.040 million. However, the exports of transport equipment decreased by 3.75 percent, from $4.903 million to $4.719 million.

The exports of other electric machinery increased by 27.03 percent from $14.672 million to $18.638 million while machinery specialized for particular industries increased by 27.83, from $16.756 million last year to $21.420 million.

Meanwhile, on year-on-year basis, the exports of engineering goods increased by 5.28 percent during November 2020 compared to November 2019. The engineering exports during November 2020 were recorded at $16.262 million against the exports of $15.447 million.

During the month under review the exports of electric fans increased by 41.76 percent however, the exports of transport equipment decreased by 59.89 percent and exports of other electrical machinery decreased 1.23 percent.

The exports of machinery specialized for particular industries increased by 22.19 percent, the data revealed.

On month-on-month basis, the exports of engineering goods increased by 2.31 percent in November 2020 when compared to the exports of $15.895 million in October 2020, the PBS data revealed.

It is pertinent to mention here that the country’s merchandize exports increased by 4.98 percent during the first half (H1) of the current fiscal year (2020-21) as compared to the corresponding period of last year.

The exports from the country during July-December (2020-21) were recorded at $12.098 billion against the exports of $11.524 billion during July-December (2019-20), according to the latest PBS data.

The imports into the country during the period under review also increased by 5.72 percent by growing from $23.195 billion last year to $24.521 billion during the first half of current fiscal year. Based on the figures, the country’s trade deficit increased by 6.44 percent during the first half compared to the corresponding period of last year. The trade deficit during the first six months of the current fiscal year was recorded at $12.423 billion against the deficit of $11.671 billion last year.