By Jawad Ahmed ISLAMABAD, April 14 (INP-WealthPK): The State Bank of Pakistan (SBP) has stated in its quarterly economic report that Pakistan's goods exports, particularly the high value-added commodities, exceeded $7 billion in the July-September quarter of the current fiscal year. According to the report, the surge in global commodity prices resulted in a $1.8 billion increase in exports, which increased from $5.4 billion to $7.2 billion, accounting for 35% of overall exports during the same period of the previous year. The gap of this gain was restricted because of the country's weak export base, said the report. “In July-September FY22, exports grew across the board, with both textile and non-textile commodities contributing to the increase,” the report highlighted. It cited figures from Pakistan Bureau of Statistics (PBS), showing textile exports increased from 2.9% last year to 27.4% this year, while non-textile exports also contributed significantly to total growth in comparison to previous quarters. The impact of the global commodity price spike, on the other hand, was substantially greater on imports than on exports, with imports surpassing $17.5 billion, leading to the trade imbalance reaching a quarterly high of $10.2 billion in July-September 2021. According to the report, the current account deficit widened during the quarter due to a 93.7% increase in the trade deficit. With the current account in deficit, the much stronger financial flows throughout the quarter helped to consolidate the official foreign reserves position. “Between July and September 2021, the country received $849 million in gross inflows into Roshan Digital Accounts (RDAs), with $610 million arriving into Naya Pakistan Certificates (NPCs). By the end of September 2021, cumulative inflows into RDAs had reached $2.4 billion, with $1.6 billion invested in NPCs since their introduction in September 2020,” said the SBP. In addition, Pakistan received $8 billion through foreign remittances in the first quarter of FY22, up from $7.1 billion in the corresponding period of the previous year. Several factors led to huge inflows of cash throughout the period, including the advent of digital means for funds transfer, incentives in Pakistan to transfer funds through proper channels, and fiscal support in advanced economies. The report also pointed out that the net inflow of external loans and liabilities into Pakistan amounted to $4.3 billion during the first quarter of FY22. These loans were received to purchase Covid-19 vaccines, and power and infrastructure development projects.