Textile exports witness decline of $5 billion

Islamabad: During the first four months of the current fiscal year 2023-24, Pakistan's textile exports have decreased by 5.5 billion dollars, which is 6.33%.

According to the data of the National Bureau of Statistics, during the first four months of the current fiscal year, July-October, the textile exports of the country decreased by about 6.33% i.e., 5.565 billion dollars, which was 5.940 billion dollars in the same period of 2022-23. .

Local exports during July-October of the financial year 2023-24 stood at $9.6 billion, which was $9.554 billion during the same period last year, showing a decrease of 0.48 percent.

In the report of the Institute of Statistics, it was stated that in October 2023, a 5.61 percent increase in textile exports was recorded on a monthly basis, which was 1.437 billion dollars.

On a year-on-year basis, textile exports increased by 5.92% in October 2023 from $1.356 billion in October 2022.

Exports in October 2023 stood at 2.690 billion dollars, which recorded an increase of 8.64% compared to 2.476 billion dollars in September 2023 and 12.84% compared to 2.384 billion dollars in October 2022.

Cotton yarn exports increased by 42.85% during the first quarter of the current fiscal year and stood at $407.564 million as against $285.315 million during the same period of the previous fiscal year.

On year-on-year basis, cotton yarn exports recorded an increase of 87.88% and stood at $92.160 million against $49.052 million, while it recorded a decline of 18.85% against $113.567 million in September 2023 on a Month Over Month (MOM) basis.

During the first four months of the current fiscal year, rice exports increased by 30.12 percent and stood at $710.788 million as against $546.261 million.

The report stated that during the first four months of FY2023-24, the exports of the food group increased by 30.29% and stood at $1.944 billion as against $1.492 billion during the same period of the previous fiscal year.