Textile Exports in Jul-Oct Decline by 6.33% YoY to $5.565 Billion
Published on: November 18, 2023.
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Pakistan’s Textile Exports Decline by 6.33% in First Four Months of Fiscal Year
The country’s textile group exports have seen a decline of approximately 6.33% during the first four months (July-October) of the current fiscal year, according to the Pakistan Bureau of Statistics (PBS). The exports stood at $5.565 billion compared to $5.940 billion in the same period of the previous year.
In the overall exports of Pakistan for the July-October fiscal year 2023-24, there has been a provisional decrease of 0.48%, totaling $9.6 billion compared to $9.554 billion in the corresponding period of the previous year.
The data released by PBS on exports and imports reveals that textile exports have shown a growth of 5.61% in October 2023 on a month-on-month (MoM) basis. The exports stood at $1.437 billion compared to $1.360 billion in September 2023.
On a year-on-year (YoY) basis, textile exports have increased by 5.92% in October 2023, reaching $1.43 billion compared to $1.356 billion in October 2022.
The exports for October 2023 reached $2.690 billion (provisional), showing an increase of 8.64% compared to $2.476 billion in September 2023 and an increase of 12.84% compared to $2.384 billion in October 2022.
Cotton Yarn Exports Increase by 42.85%
During the first four months quarter of the current fiscal year, cotton yarn exports have witnessed a growth of 42.85%. The exports reached $407.564 million compared to $285.315 million in the same period of the previous fiscal year.
On a YoY basis, cotton yarn exports have registered an impressive growth of 87.88%, reaching $92.160 million compared to $49.052 million. However, on a MoM basis, it experienced a negative growth of 18.85% compared to $113.567 million in September 2023.
Rice Exports Increase by 30.12%
Rice exports have experienced a significant growth of 30.12% during the first four months of the current fiscal year. The exports stood at $710.788 million compared to $546.261 million.
The exports of the food group have also shown a growth of 30.29% during the first four months of the current fiscal year, reaching $1.944 billion compared to $1.492 billion in the same period of the previous fiscal year.
Notable commodities in October 2023 exports include knitwear valued at Rs104,025 million, readymade garments valued at Rs76,920 million, bed wear valued at Rs68,298 million, rice others valued at Rs66,558 million, cotton cloth valued at Rs47,758 million, oil seeds, nuts, and kernels valued at Rs33,897 million, towels valued at Rs26,312 million, cotton yarn valued at Rs25,838 million, rice basmati valued at Rs18,783 million, and made-up articles (excl. towels and bedwear) valued at Rs17,980 million.
Source: Business Recorder
