shrinkage in exports of non-textile goods
Published on: January 23, 2024.
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Pakistan’s non-textile value product exports experienced a decline in the first half of the 2023-24 fiscal year, despite an increase in the country’s textile and clothing exports. Data from the Pakistan Bureau of Statistics revealed that leather garment exports fell by 9.71% year-on-year from FY23 to FY24. Both leather garments and gloves saw a decrease in exports, and the export of raw leather also declined by 23.17% during this period. Additionally, the export of carpets and rugs decreased by 21.61% in the first six months of FY24, and the export of sports goods, particularly footballs, dipped by 2.35% due to a 21.9% drop in shipments.
While Pakistan is a major supplier of surgical instruments globally, the export value of these instruments remained negligible in the July-December period of FY24 compared to the same period the previous year. This is because well-known Western brands re-market these instruments. In another sector, footwear exports contracted by over 16.49% in this same period, even though it experienced export growth in FY23.
On a positive note, the export of engineering goods increased by 3.12% in the first six months of FY24 compared to the previous year. Jewelry exports surged by 46.53% during this period, followed by a 30.09% rise in the export of gur and gur products. However, the export of gems declined by 26.52%, furniture by 44.14%, molasses by 73.86%, and handicrafts by 53.03%. In contrast to a slump in FY23, cement exports jumped by 58.77% in the first six months of FY24.
There were no exports of petroleum crude, but foreign shipments of petroleum products increased significantly by 228%.
Although the start of the 2023-24 fiscal year displayed a downward trend in the export of value-added products, non-textile products were also impacted. However, the export of food products saw robust growth during this period. This growth led to an increase in the prices of essential food commodities such as beef, chicken, and rice, making them more expensive for consumers.
It is crucial for Pakistan to focus on revitalizing the non-textile export sector in order to boost the country’s overall export performance.
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