Survey: Pakistan's exports show 10.2 percent growth



Pakistan's exports increased from dlrs 13,847.3 million to dlrs 15,255.5 million recording a growth of 10.2 percent during the first ten months (July- April) of the current fiscal year against 3.6 percent in the same period of last year, the Economic Survey said Tuesday.

The impressive export performance backtracked to dismal in 2006-07 when they hardly managed to grow at less than four percent, said the Economic Survey for the year 2007-08 launched by Finance Minister Syed Naveed Qamar.

The survey report said Pakistan's exports were growing at 16 percent per annum on the back of strong macroeconomic policies pursued at home and the hospitable international trading environment the period (2002-03 to 2005-06).

Although exports growth has remained far short of the average growth of 16 percent achieved during 2002-03 to 2005-06, it was satisfactory when viewed in the backdrop of poor show last year.

Imports during the first ten months (July-April) of the current fiscal year (2007-08) grew by 28.3 percent as compared with the figure for the same period of last year, reaching to dlrs 32.06 billion.

After growing at an average rate of 29 percent per annum during 2003-04, Pakistan's import growth slowed to a moderate level of 6.9 percent in the last fiscal year (2006-07). Import's growth exhibited a sharp pick up in 2007-08 on the back of an extra ordinary surge in the imports of petroleum products, food and raw material.

Non-oil imports were up by 22.5 percent and non-oil and non food imports spiked by 18.8 percent during the first ten months (July-April) of the current fiscal year.

Imports of the petroleum group registered extraordinary growth of 47 percent and reached to $8670 million. The petroleum group accounts for 27 percent of total imports but contributed 39 percent in the overall growth of imports for the year.

The rise in imports of the petroleum group has been the fallout of extraordinary hike in the crude oil prices in the international market as well as the substantial increase in its quantity imported.

The imports of raw material contributed almost 21 percent to this year's rise in import bill. This is followed by imports of food group which contributed 16 percent to the overall imports growth.

Imports of petroleum products and edible oil contributed 47 percent to the additional import bill in FY 2007-08. Additional 18.7 percent contribution came from the import of wheat and fertilizer.