INP-WealthPk

More Needs to Be Done to Enhance Engineering Sector Exports

May 09, 2022

By Ayesha Mudassar ISLAMABAD, May 09 (INP-WealthPK): The government and business community need to enhance their contribution to substantially increase the engineering industry's exports from the current level, which has ample room for improvement. Export of engineering goods from Pakistan witnessed an increase of 2.8% during the first three quarters of the fiscal year 2021-22 as compared to the corresponding period of the last fiscal year. The export of engineering goods during July-March 2021-22 stood at $168.33 million against the exports of $163.75 million during the first three quarters of the fiscal year 2020-21. On a year-on-year (YoY) basis, the engineering goods exports decreased by 17.8% during March 2022 as compared to March 2021. Exports during March 2022 were recorded $20.24 million against the exports of $24.62 million in March 2021. On month-on-month (MoM) basis, the exports of engineering goods increased by 29.56% in March 2022 as compared to the exports of $15.62 million in February 2022, according to data released by the Pakistan Bureau of Statistics (PBS). Among the engineering goods, exports of electric fans, transport equipment, and other electric machinery reduced by 2.12, 23.83, and 26.71% respectively during the first nine months of the current fiscal year against the corresponding period of the previous year. According to the PBS data, the country’s import bill for completely and semi-knocked down (CKD/SKD) kits for cars imported by local assemblers was $1.8 billion from July to March 2021-22 as compared to $1.03 billion in the corresponding period of last year, registering an astronomical increase of 78.75%. The imports of textile machinery increased by 64.68%, construction and mining machinery by 32.40%, electric machinery and apparatus by 37.52%, other machinery by 32.76%, and transport equipment by 58.82% during the first nine months of FY22.