Foreign trade increases by 18.7pc

Total foreign trade of the country increased by 18.7 per cent to Rs 557.66 billion in the first 10 months of fiscal year 201213, states data from the Trade and Export Promotion Centre (TEPC).

Total contribution of export and import sectors of the country during the first 10 months was 11.2 per cent and 88.8 per cent, respectively, states TEPC data. Total exports of the country increased to Rs 62.71 billion, which is an increment of 1.6 per cent, while imports increased to Rs 494.95 billion, which is an increment of 21.3 per cent, as compared to the same period last fiscal year. In the first 10 months of the current fiscal year, major commodities exported were woollen carpets, readymade garments, lentils, polyester, textiles, iron and steel products, handicraft products, silver jewellery, noodles, toothpaste, cardamom, tea, ginger, betel nuts, handmade paper products, leather, pashmina shawls and herbs. According to statistics, export of woollen carpets and readymade garments decreased by 13.4 per cent and 17.3 per cent, respectively. Similarly, the export of pashmina and handmade paper products dropped by 7.5 per cent and 14.5 per cent, respectively. The major export destinations in the first 10 months were India, US, Bangladesh, Germany, China, UK, France, Turkey, Japan, Italy, Afghanistan, Canada, Australia and Thailand. Meanwhile, the import of iron and steel products, aluminium, petroleum products, vehicles and parts, cereals, crude soy bean oil, fertilisers, and aircraft and parts, in creased by 20.2 per cent, 50.5 per cent, 14.6 per cent, 37.4 per cent, 72.2 per cent, 46.2 per cent, 35 per cent and 55.6 per cent respectively, states the TEPC data. The major import partners of the country were India, China, UAE, Argentina, Thailand, In donesia, Malaysia, US, Japan, South Korea, Ukraine, Saudi Arabia, Brazil and Singapore. According to TEPC, in the first 10 months of the current fiscal year, the country witnessed rement of 24.8 per cent in an increment of 24.8 per cent in total trade deficit, which amounted to Rs 432.24 billion.