Pakistan cement earns US$117.69m during the 8MFY22-23

Pakistan cement earns US$117.69m during the 8MFY22-23
21 March 2023

Pakistan's cement industry constantly saw a negative to mixed export revenue trend in the 8MFY22-23 (July 2022-February 2023), according to the country’s Federal Bureau of Statistics (FBS). The country's political and continued economic uncertainty, high business costs and cooling world economy have impacted overseas and local dispatches. Overall, a delay in loan disbursement also hurt the sentiments of cement and other industries. BMA Capital Management Ltd adds that it has been a challenging year for the construction industry, having been marred by the extensive devaluation of the Pakistani rupee, sluggish demand and import constraints.

During the 8MFY22-23, the cement industry earned US$117.69m by exporting 2.47Mt of cement and clinker, compared with US$179.55m from 4.75Mt exports in the 8MFY21-22. As a result, exports plummeted by 34.5 per cent in value, and volumes were down by 47.9 per cent. In local currency terms, export sales receded by 11.6 per cent YoY to PKR27.3bn, FBS added.

On a positive note, during February 2023 alone, export revenues increased to US$17.05m on shipments of 411,512t versus US$15.02m on 348,424t in January 2023. This translates to a growth of 18.1 per cent MoM in value terms and 13.5 per cent in volume. However, exports fell by 8.4 per cent YoY in value and 5.1 per cent in quantity compared to export figures of US$18.62m on 433,780t in February 2022.

Published under Cement News