Pakistan governmentâ€™s incentive package for the export sector seemed to revive the wilting foreign exchange revenue spinner, its textile exports has increased by around three percent year-on-year to $1.006 billion in July as compared to textile exports of $979.414 million in the same month a year ago recorded Pakistan Bureau of Statistics (PBS).
Readymade garment exports posted a major growth of 20.47 percent year-on-year to $212.521 million in July. Its exports dropped 12.53 percent from $242.951 million in the preceding month. Exports of textiles, however, dropped 17.34 percent from $1.217 billion in June 2017.
Exports of bed wear remained flat at $170.443 million in July over the last year. Bed wear exports declined 18.55 percent from $209.258 million in June 2017. In July, knitwear exports decreased 5.8 percent year-on-year and 24 percent month-on-month to $193.749 million.
In January, government unveiled Rs180 billion incentive package for exporters to boost the countryâ€™s exports by around three billion dollars by end June 2018. Under the package, sales tax and customs duty on import of textile machinery and cotton have been abolished. The countryâ€™s total exports between 2013 and 2015 declined more than 12 percent.
Imports jumped 36.74 percent year-on-year and increased 6.64 percent month-on-month to $4.834 billion in July. Key imports in the month under review included machinery. In July, imports of machinery climbed 40.86 percent year-on-year and 14.91 percent month-on-month to $1.016 billion.
Power generation machinery imports held a major chunk in the total machinery imports. The country imported $286.374 million worth of power machinery in July, depicting a 59.85 percent rise in its import bill as compared to the same month a year ago. Power generation machinery import swelled 39.95 percent in July from $204.619 million in June 2017.
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