Textile Group Reports 4.97% Decline in H1FY24 Exports to $8.283bn Year on Year
Published on: January 20, 2024.
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The country’s textile group exports faced a decline of approximately 4.97% during the first half (July-December) of the current fiscal year, reaching $8.283 billion compared to $8.716 billion in the same period of 2022-23, as reported by the Pakistan Bureau of Statistics (PBS).
Overall exports for the country during July-December of fiscal year 2023-24 amounted to $14.991 billion (provisional), exhibiting an increase of 5.24% compared to $14.244 billion in the corresponding period of the previous year.
In December 2023, the total exports were $2.822 billion (provisional), which showcased a 9.68% increase from $2.573 billion in November 2023. Additionally, it indicated a growth of 22.64% in comparison to $2.301 billion in December 2022.
According to the data released by the PBS on exports and imports, textile exports experienced a 6.15% growth in December 2023 on a month-on-month (MoM) basis, reaching $1.399 billion compared to $1.318 billion in November 2023. On a year-on-year (YoY) basis, textile exports increased by 3.33% in December 2023, compared to $1.354 billion in December 2022.
Cotton yarn exports surged by 54.25% in the first half of the current fiscal year, reaching $588.529 million compared to $381.545 million in the same period of the previous fiscal year. On a YoY basis, cotton yarn exports experienced significant growth of 78.55%, amounting to $95.252 million in December 2023, compared to $53.349 million in December 2022. On an MoM basis, it registered a growth of 11.13%, surpassing $85.713 million in November 2023.
Rice exports demonstrated a remarkable increase of 76.53% during the first half of the current fiscal year, reaching $1.638 billion compared to $927.918 million in the same period of the previous fiscal year.
Food group exports also witnessed an increase of 49.84% during the first half of the current fiscal year, reaching $3.481 billion compared to $2.323 billion in the same period of the previous fiscal year.
In December 2023, the main commodities of exports included rice others (Rs124,040 million), knitwear (Rs103,898 million), readymade garments (Rs84,569 million), bed wear (Rs64,119 million), cotton cloth (Rs40,678 million), cotton yarn (Rs26,984 million), towels (Rs24,814 million), rice basmati (Rs22,888 million), made-up articles (excl. towels and bedwear) (Rs16,991 million), and meat and meat preparations (Rs12,472 million).
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