Pakistan exports drop 13%, imports 19% up in Nov

KARACHI: Pakistan’s exports have seen a decline of 13 percent on weakening demand of its products in exporting countries whereas the imports have registered an increase of 19 percent in November 2011 compared with the same month of previous year.

According to the data released by Trade Development Authority of Pakistan (TDAP), the country’s exports of different products have fallen to $1.552 billion, which was 13 percent lower than the level of $1.776 billion recorded in November 2010.

The imports of different sectors in November 2011 were valued at $3.729 billion, registering a growth of 19 percent over the level of imports valued at $3.131 billion in November 2010.

The exports and imports gap has swelled the trade deficit of the country significantly, reaching $2.17 billion or 58.3 percent in November 2011. The trade deficit was recorded at 43.2 percent in November 2010.

Moreover the trade deficit has increased sharply by $8.99 billion or 48.7 percent in the first five months of the current fiscal year.

Analysts said the demand of Pakistan’s products particularly textile, cotton, and leather have been losing their demand in foreign markets specifically in the US and EU.

They said that prices of finished, semi-prepared and raw products have seen decline in the values particularly textile made-ups and cotton, which caused decline of their exports in the exporting countries.

On the other hand, the higher imports of petroleum products and power machineries have increased the import bill of the country.

The cumulative figure shows that Pakistan’s exports during July-November 2011-12 increased to a record $ 9.434 billion, while in the corresponding period of last year 2010-11 exports were $8.959 billion, which shows 5 percent growth.

The imports of different products during July-November 2011-12 posted $18.424 billion as compared to $15.404 billion during the same period of the year 2010-11, registering a 20 percent growth.

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