Textile Group Exports Show a 1.41% Increase in First 11 Months of FY 2023-24
Published on: June 15, 2024.
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The country’s textile group exports saw a modest increase of 1.41% during the first 11 months (July-May) of the current fiscal year 2023-24, reaching $15.241 billion compared to $15.029 billion in the same period last year. This data was reported by the Pakistan Bureau of Statistics (PBS).
The PBS’s data on exports and imports revealed that the country’s total exports from July-May 2023-2024 amounted to $28.117 billion (provisional), showing a significant increase of 10.84% compared to $25.368 billion during the corresponding period last year.
In May 2024, textile group exports witnessed a substantial year-on-year increase of 18%, reaching $1.558 billion compared to $1.320 billion in the same month of the previous year. On a month-on-month basis, the textile group experienced a remarkable growth of 25.94% compared to $1.237 billion in March 2024.
Among the specific sectors of the textile group, cotton yarn exports exhibited a strong growth of 23.47% during July-May, amounting to $910.193 million compared to $737.185 million in the same period last year. However, on a year-on-year basis, cotton yarn exports had a negative growth of 35.96%. Nonetheless, there was an 18.77% growth on a month-on-month basis.
May 2024 saw exports totaling $2.840 billion (provisional), an increase of 20.80% compared to $2.351 billion in April 2024. Additionally, there was a 29.27% increase compared to $2.197 billion in May 2023.
Pakistani rice exports reached a significant milestone in the first 11 months, with 5.593 million tons exported from July-May. This marked an impressive increase of 81.23% compared to the same period last year, when it was around 3.517 million tons. In terms of revenue, rice exports generated $3.628 billion during the first 11 months, surpassing the $2.001 billion earned in the same period of the previous fiscal year.
In May 2024, the main commodities of exports were knitwear, with a value of Rs115,022 million, followed by readymade garments (Rs97,564 million), bed wear (Rs77,184 million), rice others (Rs75,311 million), cotton cloth (Rs48,117 million), towels (Rs28,768 million), petroleum products (excluding Top Naphta) (Rs25,393 million), rice basmati (Rs20,807 million), made-up articles (excluding towels and bedwear) (Rs18,558 million), and cotton yarn (Rs17,883 million).
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Source: [link to https://www.brecorder.com]
