Pharmaceutical goods’ export increase over 3% in 4 months of current FY 2019-20

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ISLAMABAD, Dec 12 (APP):The exports of pharmaceutical products during the first four months of financial year (2019-20) grew by 3.24 percent as compared to the exports of corresponding period of last year.

The pharmaceutical exports were recorded at $73.000 million during July-October (2019-20) as against the exports of $70.707 million during July-October (2018-19), showing growth of 3.24 percent, according to the Pakistan Bureau of Statistics (PBS).

In terms of quantity, the exports of the pharmaceutical goods increased by 11.12 percent from 4,426 metric tons to 3,983 metric ton, according to the data.

Meanwhile, year-on-year basis, the pharmaceutical exports however witnessed decline of 17.84 percent during the month of October 2019 as compared to the same month of last year.

The pharmaceutical exports in October 2019 were recorded at $ 17.519 million against the exports of $21.324 million in October 2018, the PBS data revealed.

On month-on-month basis, the exports of pharmaceutical products also decreased by 3.79 percent in October 2019 when compared to the exports of $18.210 million in September 2019.

It is pertinent to mention here that the country’s merchandise trade deficit plunged by 33.52 percent during the first four 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-October (2019-20) was recorded at $7.776 billion against the deficit of $11.696 billion during July-October (2018-19), the data revealed.

The exports during the period increased from $7.270 billion during last year to $7.547 billion during the current fiscal year, showing growth of 3.81 percent.

On the other hand, the imports into the country witnessed decline of 19.21 percent by falling from $18.966 billion last year to $15.323 billion during the current fiscal year, the data revealed.