Textile Exports Decrease 5.43% Month-on-Month in November, States SBP
Published on: December 19, 2023.
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According to data released by the State Bank of Pakistan (SBP), the country’s total textile exports witnessed a 5.43% monthly decrease in November 2023, amounting to $1.37 billion. This is compared to $1.45 billion recorded in the previous month. The year-on-year basis also saw a decrease of 3.52% in textile exports for November 2023.
In the cumulative period of 5MFY24, textile exports declined by 10.14% year-on-year to $6.9 billion, compared to $7.67 billion in 5MFY23.
Looking at the broader picture, exports of all goods reached a total of $2.73 billion in November, marking a considerable 21.53% year-on-year increase compared to $2.25 billion in November 2022. However, on a monthly basis, exports experienced a decline of 1.16%.
It is worth mentioning that after four consecutive months of deficits, Pakistan’s current account balance showed a surplus of $9 million in November 2023. This comes as a positive development, following deficits of $184 million in October and $157 million in November 2022. The last recorded surplus was back in June 2023.
In November 2023, textile products remained the major exportable goods for Pakistan, accounting for 50.31% of the total exports for that month. The main contributors in this category were Knitwear ($335.71 million), Readymade Garments ($279.33 million), and bedwear ($236.55 million). While Knitwear and Readymade Garments experienced a decline of 12.38% and 9% respectively, bedwear exports increased by 1.65% year-on-year compared to November 2022.
The food group also played a significant role in total exports, with an export value of $704.93 million in November, showing a remarkable 96.75% year-on-year growth compared to $358.28 million in November 2022. On a monthly basis, the exports from this group rose by 11.88% compared to October 2023.
Within the food group, Rice was the major source of foreign exchange earnings, with an export value of $394.84 million in November 2023. This represents an increase of 53.58% month-on-month and 3.34x year-on-year.
Other notable contributors in the export sector were Oil Seeds, Nuts and Kernels, with an export value of $60.83 million in November, showing a significant year-on-year growth of 196.31% and month-on-month growth of 51.4%.
On the other hand, the exports of surgical goods & medical instruments declined by 5.51% year-on-year to $37.43 million in November 2023. Leather manufacturers also witnessed a negative trend with a decline of 11.95% year-on-year to $48.81 million.
However, sports goods foreign earnings increased by 9.65% year-on-year to $38.62 million in November 2023. Despite this positive growth, there was a slight decline of 1.41% compared to October 2023.
Inflow through the chemical and pharmaceutical products grew by 10.33% year-on-year to $123.64 million in November 2023, compared to $112.07 million in the same period last year.
Petroleum products constituted only 3.13% of the country’s total export basket in November 2023, with earnings totaling $85.62 million. This represents a significant year-on-year increase of 43.59%.
Overall, the performance of Pakistan’s export sector in November 2023 witnessed varied trends across different categories. While textile exports declined, food and some other sectors experienced growth, contributing to the country’s export earnings.
Source: Mettis Link News
