Pakistan’s Exports to UK Increase in First Two Months of Fiscal Year

LONDON, Oct 15 (APP): Pakistan total merchandise exports to UK during the first two months of the current financial year (July-August 2020-21) stood at US $ 304 Million compared to US $ 281 million realised in the same period of 2019-20, depicting an increase of 8 percent, Economic and Trade Wing of Pakistan High Commission London sources said.

According to the sources, Pakistan’s imports during the first two months of the current Financial year from the UK stood at US $ 97 million compared to imports of US $ 112 million showing a decrease of Minus (-13) percent. Similarly, the sources said that the total Pak-UK bilateral Trade volume recorded US $ 401 million during the first two-months of current financial year when compared to the same period of the previous financial year showing an increase of 2 percent.

Likewise, the Pak-UK Balance of trade during (July-August 2020-21) stood at US $ 207 million registering an increase of 22 percent, the sources added. Giving an overview of Pak-UK Bilateral trade during the month of August 2020, the sources informed that Pakistan exports to UK stood at US $ 135 million as compared to exports of US $149 million realized in the month of 2019 showing a decrease of Minue (-9) percent. However, the sources said that Pakistan imports from the the UK during the Month of August 2020 were US $40 million compared to the imports of US $ 50 million same month of 2019 showing minue (-20) percent decrease.

While giving the bilateral trade analysis, the sources further said that in total Pakistani exports to UK have registered a decline of 9 percent during the month of August 2020 compared with the corresponding month of the last year. They added that the chapters which registered a decline include Home Textile (10 percent), non-knitted or crotched (35 percent), Leather (28 percent), and Sports goods (47 percent). Other chapters which have shown a decline, the sources said, were Cereal (1 percent), Cotton (28 percent), Footwear (69 percent), etc.

Imports, however, they said, declined heavily by 20 percent, which helped Pakistan further improve its trade balance with UK by 4 percent. The Pakistan High Commission Economic and Trade Wing sources added that chapters where Pakistan’s exports registered a healthy growth during the month of August 2020 were knitted or crocheted fabrics (7 percent), surgical instruments (21 percent) and fruits and nuts (43 percent).

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