Pharma exports increase 7pc in eight months

ISLAMABAD: The export of pharmaceutical goods from the country witnessed an increase of 7.21 per cent during the first eight months of the current financial year (FY20) as compared to the export of corresponding period of last year.

The pharmaceutical exports were recorded at $149.540 million during July-February FY20 as against the export of $139.487 million during July-February FY19, statistics of the Pakistan Bureau of Statistics (PBS) revealed on Thursday.

In terms of quantity, the export of pharmaceutical products also increased by 11.08pc by going up from 8,568 metric tonnes to 9,517 metric tonnes.

On a year-on-year basis, pharmaceutical exports grew by 27.44pc during the month of February 2020 as compared to the same month of last year.

The pharma exports in February 2020 were recorded at $20.303 million as against the export of $15.932 million in February 2019, the PBS data revealed.

On a month-on-month basis, the export of pharmaceutical product also increased by 19.44pc in February 2020 when compared to $16.999 million in January 2020.

It is pertinent to mention that Pakistan’s merchandise trade deficit plunged by 26.06pc during 8QFY20 as compared to the deficit of the same period of FY19.

During the period under review, the country’s exports registered about 3.62pc growth, whereas imports reduced by 13.81pc.

Exports during the said period reached $15.643 billion as against the export of $15.097 billion in the same period of last year.

On the other hand, the country’s imports witnessed a significant decrease of 13.81pc as they went down from $36.563 billion in the first eight months of last financial year to $31.515 billion during the same period of FY20.

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