textile exports decline by 17.07% YoY in September, reports SBP
Published on: October 20, 2023.
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The country’s total textile export saw a decline of 17.07% YoY amounting to $1.33bn in September 2023, as per data released by the State Bank of Pakistan (SBP). This is in comparison to the $1.61bn recorded in the same period last year.
In addition, there was a 5.82% MoM drop in textile exports in September 2023.
Looking at the cumulative figures for the first three months of FY24, textile exports showed a decline of 14.51% YoY to $4.07bn when compared to $4.76bn in 3MFY23.
The total exports as per BOP (Balance of Payments) for September 2023 reached $2.47bn, showing a 1.52% YoY increase as compared to $2.44bn in September 2022.
On a monthly basis, the total exports increased by 2.02% MoM.
Notably, the current account deficit for September 2023 witnessed a sharp decline of 95.1% MoM, standing at just $8 million, compared to a deficit of $164m in August 2023.
In September 2023, textile products accounted for the majority of Pakistan’s exports, making up 53.87% of the total exports for the month.
The key contributing products in the textile category during September 2023 were knitwear ($344.5m), readymade garments ($261.71m), and bed wear ($232.33m).
These three categories experienced a decline of 21.63% YoY, 13.68% YoY, and 14.13% YoY, respectively, when compared to September 2022.
Following textiles, the food group was the second most significant contributor to total exports. The trade value of this group reached approximately $491.59m, showing significant growth of 34.43% YoY as compared to $365.69m in September 2022.
Similarly, on a monthly basis, the exports from the food group rose by 25.38% MoM compared to $392.08m in August 2023.
Cumulatively in 3MFY24, earnings from food group exports increased by 6.24% YoY to $1.26bn in comparison to $1.18bn in 3MFY23.
Rice played a pivotal role in the food group’s exports, with the export value of rice in September 2023 reaching $160.93m, marking an increase of 28.50% MoM and 8.36% YoY.
Moreover, the export value of Oil Seeds, Nuts, and Kernals in September 2023 stood at $96.54m, which is up by 4.2x YoY and 3.53x MoM compared to $22.3m in September 2022 and $27.33m in August 2023, respectively.
On the other hand, the exports of surgical goods & medical instruments declined by 6.44% YoY, amounting to $36.35m.
However, surgical exports increased by 0.38% MoM when compared to $36.21m worth of exports in August 2023.
The exports of leather manufacturers also experienced a decline of 21.33% YoY and 8.39% MoM, reaching $48.46m in September 2023.
Similarly, the export of sports goods dropped by 18.67% YoY to $34.93m in September 2023. However, there was a 16.02% MoM improvement compared to the figure of $30.14m in August 2023.
Chemical and pharmaceutical products witnessed a decline of 19.51% YoY, amounting to $115.27m in September 2023, as compared to $143.22m in the same period last year (SPLY).
The share of the Petroleum group in the country’s total export basket in September 2023 was only 1.14%.
In this period, the country earned $28.24m from petroleum product exports, which is significantly up by 4.96x YoY. However, on a monthly basis, it was down by 4.09% MoM.
Source: Mettis Link News
