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ISLAMIC CITY: The Pakistan Bureau of Statistics (PBS) said on Thursday that Pakistan’s imports of food and oil rose 11.4% in the first two months of this fiscal year, from $4.56 billion to $5.08 billion.
Textile and clothing exports, on the other hand, could only grow by 4.2% year-over-year to $3.05bn because demand was slow and the cost of making things locally was high because energy was expensive.
The cost of importing oil went up by more than 7%, from $3.08bn in July and August of last year to $3.30bn in July and August of this year.
More analysis showed that the value of oil goods imported went up by 7.8 percent. Since the last time we looked at it, the value of imported crude oil went up by 10.5%, but the value of imported liquid natural gas went down by 3.3%. In FY23, the amount of imported liquefied petroleum gas went up by 41.50<�.
There wasn’t enough food being grown in the country, so the cost of importing food went up from $1.47bn a year ago to $1.78bn in the two months under review. This is a rise of over 21%. When it came to food, wheat, sugar, edible oil, spices, tea, and legumes made the most important contributions.
Pakistan brought in 622,515 tonnes of wheat to make up for the lack of wheat grown there.
On the other hand, the bill for importing machines dropped by 30.6%, from $1.86bn in July and August of last year to $1.29bn.
The main cause of the drop was the import of goods in almost every industry, such as cell phones and weaving machines. But the electrical tools saw growth during the time period that was looked at.
Exports of textiles
According to the PBS, cotton and clothes exports only went up by 4.2% year-over-year in July and August. One reason why cloth exports slowed down was the high cost of energy.
In July and August, exports of ready-made clothes went up by 8.5% in value and 61.4% in quantity. On the other hand, exports of knitting went up by 17.4% in value and 66.4 % in quantity.
Exports of bed linens dropped by 3 percent in value and 22.2 percent in number.
The value and quantity of towels exported went down by 6.6% and 26.5%, respectively. On the other hand, the value and amount of cotton cloth exported went up by 2.7% and down by 32.8%, respectively.
Out of all the main goods exported, cotton yarn fell by 17% and yarn made from sources other than cotton fell by 0.8%.
During the time period under study, exports of made-up items other than towels went down by 13.6%, while exports of tents, canvas, and tarps went up by 56.8%.
