Pakistan export volumes rise in 4MFY13-14
Pakistan export volumes have increased in the first four months of the current fiscal compared to the same period a year ago, but October volumes were down on a monthly and annual basis.
During the first four months of the current fiscal, Pakistan exported 3.159Mt of cement on revenues of US$190.08m, data from the country’s Bureau of Statistics shows. This translates to a 7.42 per cent YoY increase in volumes but a marginal decline of 0.04 per cent in value terms.
However, in terms of Pakistani currency, exports rose by 9.39 per cent to PKR19.64bn over the July-October 2013 period. The average export price of cement fell by 6.94 per cent to US$60.15/t from US$64.64/t in the same four months of the previous fiscal.
October comparisons
Looking at October 2013 exports alone, volumes were down 32.53 per cent MoM to 620,151t compared to September, while in value terms they all also fell by 22.04 per cent to US$40.86m
On an annual basis, exports during October 2013 declined by 5.82 and 6.4 per cent in volume and value terms, respectively.
Afghanistan was again the top importer but exports fell by 10.66 per cent to 1.463Mt. Sales to India also declined 12.2 per cent to 138,874t. Exports to other countries fell by 14 per cent on a YoY basis.
Industry performance during the year-to-date.
A spokesperson from the All Pakistan Cement Manufacturers Association (APCMA) noted that over the first four months of the current fiscal, total sales slipped by 0.39 per cent YoY to 10.437Mt compared to 10.477Mt in 4MFY12-13. Capacity utilisation stood at 70 per cent due to heavy monsoon and the Eid holidays.
He also stressed that as prices of all inputs including power, gas and diesel are increasing at phenomenal pace, it is essential for the industry to operate at higher capacities to reduce costs. However, due to lower GDP growth coupled with depreciation of the Pakistan rupee and a lack of government spending on its Public Sector Development Programme, industry growth is expected to be slower than anticipated.
