Global Rice News

Textile Exports in Pakistan Increase by 5.9% in October

Pakistan’s textile exports experienced a positive growth of 5.9% year-on-year in October, reaching $1.437 billion. This is the first increase in 13 months for the industry, which has benefited from the government’s easing of import restrictions, resulting in improved availability of raw materials. The data from the Pakistan Bureau of Statistics (PBS) shows that this is the first monthly gain since September 2022 when exports fell by 10.88%. In comparison to September, exports rose by 5.6% in October.

Decline in Textile Exports from July to October in FY24

The textile exports in Pakistan witnessed a decline of 6.3% from July to October of FY24. The total exports during this period amounted to $5.565 billion, down from $5.94 billion in the corresponding period of FY23. This decline follows a decrease in total textile exports by 14.6% in the previous fiscal year (July-June 2022-23) to $16.5 billion compared to the record high of $19.35 billion achieved in FY2021-22. In FY21, the exports were $15.4 billion.

Increase in Sales of Textile Components

In October 2023, there was an increase in sales of various components of the textile group. Bedwear sales increased by 4.8% to $243.6 million, readymade garments by 9.5% to $274.4 million, and towels by 11.3% to $93.85 million. There was also a 7.2% rise in the exports of knitwear, amounting to $371 million. However, there was a decline in the exports of cotton yarn by 18.9% and cotton cloth by 2.25% compared to October 2022.

Food Group Exports Experience Significant Growth

The food group exports in Pakistan saw a remarkable increase in October 2023. Rice exports, in particular, reached $304.4 million, showing a 111.7% increase from October 2022. Basmati rice exports also rose by 29.9% to $67 million. Additionally, meat and meat preparations sales abroad increased by 15.3% to $39.6 million, and fruits went up by 18.6% to $20.3 million. However, exports of fish and fish preparations decreased by 25.2% compared to the same month last year.

Other Exports and Imports

In October 2023, there was a 4.1% decline in the exports of sports goods and a 4.7% decrease in the exports of surgical goods. On the other hand, exports of chemicals and pharmaceuticals increased by 13.2%, cement exports by 32.6%, and plastic materials by 39.8%. Machinery imports witnessed a year-on-year increase of 52% in October 2023, suggesting potential acceleration in economic activities.

Source: The News Pakistan