Pakistan Export Updates

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Q1... IT, ITeS export remittances up 3.3pc to $655 Million YoY​

Tahir Amin
October 21, 2023

ISLAMABAD: The IT and IT-enabled Services (ITeS) export remittances comprising computer services and call centre services increased by 3.3 percent during the first quarter (July-Sep) of the current fiscal year 2023-24 and remained $655 million compared to $634 million during the same period of last fiscal year.

The State Bank of Pakistan’s data showed that ITeS exports remittances declined by around 12.5 percent on a month-on-month (MoM) basis in September 2023 and remained $206 million compared to $235 million in August 2023.

On a year-on-year (YoY) basis, the sector export remittances decreased by around 0.5 per cent compared to $ 207 million in September 2022.

The ICT export remittances, including telecommunication, computer, and information services, stood at $ 2.597 billion, a negative growth rate of around 1 per cent in the fiscal year 2022-23 compared to $ 2.619 billion in the fiscal year 2021-22.

The Ministry of Information Technology and Telecommunications has identified several constraints including inconsistency in policies, taxation issues and banking hurdles which are hampering the country’s information technology sector’s export potential of $15 billion.

Official documents revealed that over the past five years, phenomenal upward growth of 178 per cent in IT and ITeS exports has been realised at a compound annual growth rate (CAGR) of 30 per cent, the highest growth rate in comparison to all other local industries in services and even higher than the textile sector which stands at 148 per cent.

However, a number of constraints and hurdles are hindering the growth of IT and ITeS exports. Inconsistency of policies has eroded the confidence of local and international investors, customers and partners not to mention the trade bodies and government entities. Frequent changes in taxation policy on IT and ITeS export proceeds are one such example.

 

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Agri-exports rise 13% on better productivity​

Farmers asked to adopt new technologies, look for quality seeds for further growth

Pakistan’s agricultural exports rose 13% to $5.2 billion in financial year 2022-23, thanks to improved productivity, better prices and increased demand in the global market, said the Pakistan Business Forum (PBF).

For further boosting shipments, “We may also invest in modernising our agriculture sector by adopting new technologies, enhancing water management, improving seed quality, expanding cultivated land for high-value crops, strengthening linkages between processors and growers, and providing incentives for agro-processing,” it said.

PBF Vice President Jahan Ara Wattoo emphasised that foreign direct investment (FDI) in corporate farming had the potential to greatly benefit the agriculture sector by staving off the threat of food insecurity besides meeting food staple needs of people.

Speaking to a delegation of progressive farmers, Wattoo said Pakistan was in dire need of FDI to improve its foreign exchange reserves and bridge the investment gap. “Such investments are crucial for boosting the agricultural and industrial production, which can lead to job creation, increase in exports and the generation of tax revenues,” she added.

Wattoo pointed out that several countries, like India and Indonesia, went for public-private partnerships with foreign partners to ramp up local production of high-yielding seeds.

This initiative will enhance Pakistan’s crop productivity and farm income by ensuring the availability of affordable, high-yielding seeds. “Such partnerships side-step the complex and lengthy process of developing new cultivars,” she said.

Expanding the country’s cultivated area through corporate farming can also increase oilseed production, which will save a huge amount of foreign exchange.

 

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US remains top export destination for Pakistan​

Exports to US amounted to $1,376.125 million, a decrease of 17.04%

APP
November 01, 2023

During the first three months of the current fiscal year 2023-24, the United States (US) continued to be the leading export destination for Pakistani products. It was followed by China and the United Kingdom (UK), according to data from the State Bank of Pakistan (SBP).

Exports to the US from July to September 2023 amounted to $1,376.125 million, a decrease of 17.04% compared to the same period in 2022, which saw exports of $1,658.815 million.

In the case of China, Pakistan exported goods worth $633.374 million during the same period, marking a 26.42% increase from the previous year when exports stood at $501.000 million.

The UK occupied the third spot as a top export destination, with Pakistan exporting products worth $518.948 million during the same months. This showed a marginal decline compared to exports of $519.948 million in the previous year.

Other significant export destinations for Pakistan included the United Arab Emirates (UAE), with exports valued at $472.166 million, a 27.64% increase from the previous year. Exports to Germany were recorded at $364.446 million, a slight decrease from the previous year’s $456.895 million.

Pakistan’s trade with various countries in the region and beyond continues to evolve, with exports showing both growth and fluctuation during the first quarter of the fiscal year 2023-24.

 

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Fruit and vegetable exports increase in Q1 of FY23​

By Staff Reporter | INP
Nov 1, 2023

Fruit and vegetable exports from Pakistan increased by 17.09% and 26.03%, respectively, in the first quarter of the current financial year (FY23) compared to the same period in FY22. According to data released by the State Bank of Pakistan and the Pakistan Bureau of Statistics, the country earned $88.47 million from fruit exports and $57.63 million from vegetable exports in Q1 of FY23.

The top five destinations for Pakistan's fruit exports in Q1 of FY23 were the United Arab Emirates, Iran, Saudi Arabia, Afghanistan, and Russia. The top five destinations for Pakistan's vegetable exports in Q1 of FY23 were the United Arab Emirates, Afghanistan, the United Kingdom, Sri Lanka, and Iran.

The increase in fruit and vegetable exports is a positive development for Pakistan's economy, as it helps to generate foreign exchange and create jobs. The government is taking steps to further boost exports of these products, such as by providing subsidies to farmers and exporters, and by improving infrastructure and market access.

 

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Cement sales rise almost 15pc in July-October​

Export shipments surge 78.53pc to 2.466m tonnes during July-October from 1.381m tonnes in the same period last year.

 

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According to the latest statistics from SBP, China imported more than 633 million US dollars worth of Pakistani products from July to September 2023, a 26.42% increase compared to that of last year.

 

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China customs allows Pakistani dairy products to export to China​

By Zafar Hussain | China Economic Net
Nov 8, 2023

BEIJING - General Administration of Customs of China announced on Monday to allow the export of Pakistani milk and dairy products to China. Ghulam Qadir Commercial Counsellor at Pakistan Embassy said this decision marks a significant milestone in the bilateral trade relationship between the two nations and has the potential to create a new avenue for economic cooperation.

Ghulam Qadir said that as China continues to diversify its import sources, the move is expected to open up lucrative opportunities for Pakistan's dairy industry, potentially reshaping the dynamics of the global dairy trade.

“Feeling jubilant over this new development. With this we are Inching closer towards sustainable bilateral trade between Pakistan and China with bigger share of Pakistan’s exports”, he added.

According to announcement from GACC Foods made from cow's milk or camel's milk, including milk powder, whey powder, whey protein powder, bovine colostrum powder, sterilized milk, modulated milk, fermented milk, cheese and processed cheese, thin cream, cream, anhydrous cream, these dairy products can be exported to China from Pakistan.

The statement further states that dairy animals that provide raw milk for dairy products exported to China shall meet different standards including FMD quarantine restrictions have been lifted for at least 2 months and The farm has not been subject to quarantine restrictions for anthrax in the past 12 months.

“Dairy products to China must be packaged in new materials that meet Chinese standards. The outer packaging shall be marked in Chinese, Urdu and English with specifications, origin (specific to the state / province / city), destination, product name, weight, manufacturer name, registration number, production batch number, storage conditions, production date and shelf life,” statement added.