Pharmaceutical goods’ export increases over 8% in 5 months

ISLAMABAD, Dec 27 (APP):The exports of pharmaceutical product during the first five months of financial year (2019-20) grew by 8.66 percent as compared to the exports of corresponding period of last year.

The pharmaceutical exports were recorded at $92.714 million during July-November (2019-20) as against the exports of $85.323 million during July-November (2018-19), showing an increase of 8.66 percent, according to Pakistan Bureau of Statistics (PBS).

In terms of quantity, the exports of the pharmaceutical goods increased by 20.84 percent from 4,865 metric tons to 5,879 metric ton, according to the data. Meanwhile, year-on-year basis the pharmaceutical exports rose by 34.01 percent during the month of November 2019 as compared to the same month of last year.

The pharmaceutical exports in November 2019 were recorded at US $19.586 million against the exports of US $ 14.615 million in November 2018, the PBS data revealed. On month-on-month basis, the exports of pharmaceutical products also increased by 11.85 percent in November 2019 when compared to the exports of US $ 17.519 million in October 2019.

It is pertinent to mention here that the country’s merchandise trade deficit plunged by 33.04 percent during the first five months of the current fiscal year (2019-20) as compared to the deficit of the same month of last year.

The trade deficit during July-November (2019-20) was recorded at US $ 9.668 billion against the deficit of US $14.439 billion during July-November (2018-19), the data revealed. The exports during the period increased from US $ 9.109 billion during last year to US $ 9.545 billion during the current fiscal year, showing growth of 4.79 percent.

On the other hand, the imports into the country witnessed decline of 18.41 percent by falling from US $ 23.548 billion last year to US $19.213 billion during the current fiscal year, the data revealed.

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