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Monday, July 15, 2024

Rise in Exports reinvigorate Pakistan’s Cement Industry

News Analysis |

Pakistan as a developing country continues to have a strong relationship with its cement industry. So much so, that the previous Prime Minister and even the Army, runs its own private cement industries. However, the change in government has had a seemingly positive impact on cement exports given the statistics for the current fiscal year.

According to the Pakistan Bureau of Statistics, the current fiscal year began with a 6.9 percent drop in cement exports in comparison to last year’s stats. However, in just two months, the figures shot up by 8.01 percent to $48.535 million in contrast to last year’s peak of $44.9 million in July-August.

On the basis of quantity, cement exports increased by 28.6 percent in July 2018 as opposed to 369,506 metric tons of exports in June 2018.

With regards to volume, cement exports went up by 25.41 percent from last year rising to 1.092 million metric tonnes by the July-August period of this year. Meanwhile, total volume by the same period last year totaled around 0.871 million metric tonnes.

In the month of July 2018 alone, Pakistan produced 3.1 tonnes of cement a significant hike from the 3.067 tonnes of cement produced in July 2017. Considering the month-on-month and year-on-year statistics, exports in cement for August 2018 also rose by 31.52 percent from July 2018 and 23.01 percent from August 2017 respectively.

Read more: Pakistan Cement Industry stays strong as Cherat & Fauji post profits

In terms of value, cement exports from Pakistan were worth $20.964 million for July 2018 while exports of July 2017 were worth $22.521 million according to trade data provided by the Bureau. In terms of volume of cement exported from the country in the month of July for the current fiscal year registered a 10.89 percent rise by rising from 428,489 metric tons in July 2017 to 475,134 metric tons.

Pakistan as a developing country continues to have a plausible relationship with cement. So much so, that the previous Prime Minister and even the Army, runs its own private cement industries.

While comparing month-to-month increases in the current fiscal year, statistics from the Bureau highlight the fact that cement exports in July 2018 also increased by 28.5 percent from $16.315 million in June 2018. On the basis of quantity, cement exports increased by 28.6 percent in July 2018 as opposed to 369,506 metric tons of exports in June 2018.

Read more: Pakistan cement industry earns US$222.84m at Financial Year End

Last but not the least it is noteworthy to mention that Pakistan’s overall exported merchandise underwent an increase of 1.17 percent when it reached $1.646 billion in July 2018 whereas it was $1.627 billion in July 2017.

Equally relevant is the comparatively gentler increase in imports entering Pakistan’s markets during the month of July. A steady growth of 0.6 percent has been witnessed so far growing from $4.809 billion for July 2017 to $4.838 billion this current fiscal year.