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Pakistan achieves highest ever exports mark of $19.3 billion
RECORDER REPORT
KARACHI (July 13 2010): Pakistan has achieved it's highest ever exports mark of $19.3 billion in the fiscal year 2009-10 (FY10), Business Recorder learnt Monday. According to official sources in the Trade Development Authority of Pakistan (TDAP), the country has so far recorded exports worth $19.3 billion which not only exceeds the target set for exports in FY10 ie $18.8 billion, but also eclipses the previous best recorded at $19.05 billion in FY08.
They also said that with a complete data of the outgoing fiscal year, the exports are expected to be around $19.5 billion. Citing reasons for the record exports, despite a global financial meltdown, sources said that the main reason was the exports of rice that yielded around $2.3 billion - showing an overall growth of 8 percent as compared to the preceding year. Exports of textile and clothing, which crossed the $10 billion mark, recorded a growth of 7 percent as compared to the last year. Fruits, vegetables and jewellery exports were doubled, with jewellery registering more than half a billion dollars in exports, as compared to FY09.
These performances in exports, the authorities claimed, were also indicative of the products' diversification taking place within the country's export goods-basket. "New and unconventional products are emerging, as the textile sector exports are surely loosing their preponderant share, which now accounts for 53 percent of our exports," they added.
According to them, horticulture exports have made significant strides and have gone up by 68 percent as compared to the FY09. At the inaugural ceremony of TDAP's flagship event - The Expo 2010, the Prime Minister gave out special awards to the new and innovative products exported from Pakistan, which included electric energy meters, PET bottle-grade resin, and glitter for use in fashion apparels, which together now accounts for $250 million worth of exports.
Sources further said " While our traditional markets of the US and EU have remained static or even slowed down, our exports to regions of Africa and Asia as well as Russia and the C.I.S. are showing a robust growth. As per the latest available data, Asia (including Russia) now has 44 percent share in Pakistan's total exports compared to 21 percent in USA's, 26 percent in Europe's and 6.5 percent in Africa's exports".
According to the authority these figures and trends gives a signal to the business community to change their traditional business outlooks and explore non-traditional, innovative, value-added products as well as the non-traditional markets of Asia and Africa.
Moreover, there are lesser non-tariff barriers faced by Pakistan's exports in Asia and Africa as well as Russia and the C.I.S., as compared to exports to the developed markets where such issues as Sanitary and Phyto-Sanitary (SPS) measures and Technical Barriers of Trade (TBT) compound's difficulties for Pakistan's exports in making further inroads in those markets.
Earlier the country, according to the available statistics, had recorded exports worth $17.6 billion by May 2010 and was expected to reach 19.3 to 19.5 billion dollars by June 2010. Sources said that the country, which could not achieve their export targets in the last two years, would achieve a record exports mark despite recession.
According to the Federal Bureau of Statistics, in July to April 2009-10, total exports reached a figure of $15.884 billion as compared to $14.703 billion during the corresponding period last year. In April 2010, it said, the export was recorded as $1.737 billion against $1.321 billion in the corresponding month last year.
It said that during the nine month of FY10, the country has exported textile and garments worth $8.516 billion as compared to $7.955 billion in the same period last year. Minerals and metals, the statistics showed were the other sectors in which a growth of 26.32 percent was recorded during the nine months of FY10. Agro and food, engineering goods and other sectors also recorded a growth of 5.02, 0.82 and 15 percent respectively by April 2010 of the current fiscal year.
According to the statistics, Africa is the region where the country has increased its export to 16.69 percent, while it has also achieved a 10 percent growth in export to Asia including Russia. Only 1.15 percent growth was recorded in the exports to Europe by April 2010. However a drop of 4.44 percent in growth was also recorded in the exports to America.
According to the Federal Bureau of Statistics report, the third quarter (January to March) of the fiscal year was exceptionally good for the exports, when all three months of this quarter achieved more than their targets. In the first two quarters, though exports surpassed their targets in October and December, however in the remaining four months, exports fell miserably against their targets.
In the first month of July, exports fell $178 million against the set target, $125 million in August, $129 million in September and $39 million in November of the outgoing fiscal year. In October, exports exceeded the target by $134 million and $146 million in December.
Copyright Business Recorder, 2010
Business Recorder [Pakistan's First Financial Daily]
RECORDER REPORT
KARACHI (July 13 2010): Pakistan has achieved it's highest ever exports mark of $19.3 billion in the fiscal year 2009-10 (FY10), Business Recorder learnt Monday. According to official sources in the Trade Development Authority of Pakistan (TDAP), the country has so far recorded exports worth $19.3 billion which not only exceeds the target set for exports in FY10 ie $18.8 billion, but also eclipses the previous best recorded at $19.05 billion in FY08.
They also said that with a complete data of the outgoing fiscal year, the exports are expected to be around $19.5 billion. Citing reasons for the record exports, despite a global financial meltdown, sources said that the main reason was the exports of rice that yielded around $2.3 billion - showing an overall growth of 8 percent as compared to the preceding year. Exports of textile and clothing, which crossed the $10 billion mark, recorded a growth of 7 percent as compared to the last year. Fruits, vegetables and jewellery exports were doubled, with jewellery registering more than half a billion dollars in exports, as compared to FY09.
These performances in exports, the authorities claimed, were also indicative of the products' diversification taking place within the country's export goods-basket. "New and unconventional products are emerging, as the textile sector exports are surely loosing their preponderant share, which now accounts for 53 percent of our exports," they added.
According to them, horticulture exports have made significant strides and have gone up by 68 percent as compared to the FY09. At the inaugural ceremony of TDAP's flagship event - The Expo 2010, the Prime Minister gave out special awards to the new and innovative products exported from Pakistan, which included electric energy meters, PET bottle-grade resin, and glitter for use in fashion apparels, which together now accounts for $250 million worth of exports.
Sources further said " While our traditional markets of the US and EU have remained static or even slowed down, our exports to regions of Africa and Asia as well as Russia and the C.I.S. are showing a robust growth. As per the latest available data, Asia (including Russia) now has 44 percent share in Pakistan's total exports compared to 21 percent in USA's, 26 percent in Europe's and 6.5 percent in Africa's exports".
According to the authority these figures and trends gives a signal to the business community to change their traditional business outlooks and explore non-traditional, innovative, value-added products as well as the non-traditional markets of Asia and Africa.
Moreover, there are lesser non-tariff barriers faced by Pakistan's exports in Asia and Africa as well as Russia and the C.I.S., as compared to exports to the developed markets where such issues as Sanitary and Phyto-Sanitary (SPS) measures and Technical Barriers of Trade (TBT) compound's difficulties for Pakistan's exports in making further inroads in those markets.
Earlier the country, according to the available statistics, had recorded exports worth $17.6 billion by May 2010 and was expected to reach 19.3 to 19.5 billion dollars by June 2010. Sources said that the country, which could not achieve their export targets in the last two years, would achieve a record exports mark despite recession.
According to the Federal Bureau of Statistics, in July to April 2009-10, total exports reached a figure of $15.884 billion as compared to $14.703 billion during the corresponding period last year. In April 2010, it said, the export was recorded as $1.737 billion against $1.321 billion in the corresponding month last year.
It said that during the nine month of FY10, the country has exported textile and garments worth $8.516 billion as compared to $7.955 billion in the same period last year. Minerals and metals, the statistics showed were the other sectors in which a growth of 26.32 percent was recorded during the nine months of FY10. Agro and food, engineering goods and other sectors also recorded a growth of 5.02, 0.82 and 15 percent respectively by April 2010 of the current fiscal year.
According to the statistics, Africa is the region where the country has increased its export to 16.69 percent, while it has also achieved a 10 percent growth in export to Asia including Russia. Only 1.15 percent growth was recorded in the exports to Europe by April 2010. However a drop of 4.44 percent in growth was also recorded in the exports to America.
According to the Federal Bureau of Statistics report, the third quarter (January to March) of the fiscal year was exceptionally good for the exports, when all three months of this quarter achieved more than their targets. In the first two quarters, though exports surpassed their targets in October and December, however in the remaining four months, exports fell miserably against their targets.
In the first month of July, exports fell $178 million against the set target, $125 million in August, $129 million in September and $39 million in November of the outgoing fiscal year. In October, exports exceeded the target by $134 million and $146 million in December.
Copyright Business Recorder, 2010
Business Recorder [Pakistan's First Financial Daily]
