Pakistan's textile exports surge by 3.6pc to $4.58bn in first quarter

Islamabad: The exports of textile goods increased by 3.68 percent during the first Quarter (Q1) of the current fiscal year as compared to the corresponding period of last year.

The textile goods’ exports were recorded at $4,583.6 million in July-September (FY2022-23) against the exports of $4,420.8 million in July-September (FY2021-22), showing growth of 3.68 percent, according to the latest data released by Pakistan Bureau of Statistics (PBS) on Thursday.

The textile products that contributed in trade growth included cotton cloth, the exports of which grew by 4.21 percent to $580.5 million from $557.08 million while the exports of knit wear increased by 15.40 percent, from $1,144.5 million to $1,320.8 million.

Likewise, the exports of tents, canvas and tarpaulin increased by 40.56, from $21.177 million to $29.766 million, ready-made garments by 5.85 percent, from $861.169 million to $911.514 million and art, silk and synthetic textile by 0.35 percent from $107.947 million to $108.321 million.

The exports of raw cotton witnessed growth of $5.908 million, according to the PBS data.

The textile goods that witnessed negative growth in trade included cotton yarn, the exports of which declined by 18.14 percent, from $ 288,617 million to $ 236,263 million.

Likewise, the exports of cotton (carded or combed) declined by 85.47 percent, from $1.473 million to $0.214 million, yarn (other than cotton yarn) by 4.97 percent, from $12.426 million to $11.808 million, bed-wear by 2.93 percent from $803.259 million to $779.703 million, towels by 1.67 percent, from $241.307 million to $237.280 million, made-up articles (excluding towels, bedwear) by 8.97 percent, from $197.428 million to $179.722 million while the exports of all other textile materials went down by 1.48 percent, from $184.412 million to $181.690 million.

Meanwhile, on year-on-year (YoY) basis, the textile goods’ exports increased by 2.68 percent in September 2022 to $ 1,527.071 million against exports of $ 1,487.144 million in September 2021.

On month-on-month (MoM) basis the textile goods’ exports however declined by 3.07 percent in September 2022 when compared to the exports of $ 1,575.366 million in July 2022, according to the PBS data.

It is pertinent to mention here that the overall trade deficit witnessed a decline of 21.42 percent, with a considerable decline in imports and upward trend in exports during the first quarter (Q1) of the current fiscal year as compared to the corresponding period of last year.

The exports during July-September (2022-23) were recorded at $7.125 billion against the exports of $6.996 billion in July-September (2021-22), showing a growth of 1.84 percent.

On the other hand, the imports into the country decreased by 12.72 percent during the period under review by going down from $18.715 billion last year to $16.334 during the current year.

Based on the figures, the trade deficit was recorded at $9.209 billion this year against the deficit of $11.719 billion last year, showing negative growth of 21.42 percent, according to the data.

SOURCE: APP