Plastic import decline over 6.91pc in 9 months

ISLAMABAD - The plastic Material imports into the country during the first nine months of the current fiscal year decreased by 6.91 percent as compared to the corresponding period of last year.

Pakistan imported plastic materials of worth $1627.959 million during July - March (2018-19) compared to the imports of $1748.760 million during July - March (2017-18) showing negative growth of 6.91 percent, according to latest data issued by Pakistan Bureau of Statistics (PBS).

In terms of quantity, Pakistan imported 1,144,407 metric tons of plastic material during the current year as compared to the imports of 1,139,497 metric tons during the corresponding period of last year showing an increase of 0.43 percent in term of quantity.

Meanwhile, on a year-on-year basis, the plastic material imports witnessed a negative growth of 23.11 percent in March 2019 when compared to the imports of the same month of last year. The plastic imports during March 2019 were recorded at $ 187.258 million against the imports of $ 243.546 million in March 2018.

On a month-on-month basis, the plastic material imports also witnessed negative growth of 1.73 percent during March 2019 when compared to the imports of $ 190.564 million in February 2019, the PBS data revealed.

It is pertinent to mention here that overall merchandise trade deficit decreased by 13.02 percent during July-March (2018-19) as the deficit contracted by over $3.544 billion to $23.672 billion in the period under review against the deficit of $27.216 billion recorded during the same period of the previous year.

The exports during the period under review witnessed an increase of 0.11% to $17.08 billion from $17.064 billion during July-March (2017-18).

On the other hand, the imports declined by 7.96% to $40.755 billion from $44.281 billion recorded during the first nine months of the current fiscal year.

On a year-on-year basis, the imports into the country witnessed a negative growth of 20.88% during March 2019 when compared to the imports of the same month of last year. The imports during March 2019 were recorded at $4.155 billion against the imports of $5.25 billion in March 2018.