Exports remained flat during FY 2016-17: SBP report

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Islamabad: The State Bank of Pakistan on Friday outed data relating to export destination wise receipts for financial year 2016-17, which gave a detailed overview into the country’s performance.

The figures weren’t impressive as exports to Latin America were recorded at $33m in FY 2016-17 which fell in comparison to last year. 4.3pc decline was recorded in exports to South America in comparison to FY 2015-16 which reached $239.5m during FY 2016-17.

Exports to Central America also lagged behind and were recorded at a meagre $125.5m for FY 2016-17. Exports to North America were recorded at $3.9b and a decline was registered in exports to USA as well which reached $3.7b during FY 2016-17.

Receipts from North Africa were recorded at $167.7m falling 16.7pc year on year (YoY). Exports fell 3pc from East Africa to reach $646.5m during FY 2016-17 and from Middle Africa they were recorded at $57.5m.

Cumulative exports to New Zealand and Australia reached $300.4m in FY 2016-17, rising by 16.3pc in comparison to FY 2015-16. EU exports rose by 3.1pc to reach $7.28b in FY 2016-17 despite the duty-free benefit available to Pakistan in the region which wasn’t fully utilized.

One of Pakistan’s closest trading partners; China didn’t help as exports to the latter plummeted by 14pc to reach $1.62b in FY 2016-17. On the other hand, exports to India rose by 2pc in FY 2016-17 to reach $408m. Exports to North East Asian countries were recorded at $2.36b in FY 2016-17, falling by one-tenth.

The country’s exports to South Asian region were recorded at $2.5b in FY 2016-17, declining by 9.3pc on a YoY basis.  Export receipts from Bangladesh reached $623.3m which also declined in comparison to preceding year. Exports to Afghanistan also fell by 9pc to reach $1.12b during FY 2016-17.