ISLAMABAD-Pakistan’s textile exports have declined by over 8 percent during seven months of the current fiscal year despite massive currency depreciation.
The country has exported textile goods worth $10.04 billion during July to January period of the year 2022-23, according to the latest data of Pakistan Bureau of Statistics (PBS). Exports and imports both have reduced in the period under review.
Pakistan’s overall exports have declined by 7.16 percent to $16.5 billion in seven months of the ongoing financial year from $17.7 billion in corresponding period of the last year despite massive currency depreciation and relief package for the exports oriented sectors. The government might find it difficult to achieve the export target this fiscal year. Small units have completely halted their operations owing to rising cost.
According to the industrialists, the real impact of falling production will be visible in the export figures for March and April. As part of the negotiations with the IMF, the government is also mulling to discontinue power subsidy. The breakup of textile exports showed that raw cotton exports grew by 134.77 percent to $12.286 million and tents, canvas and tarpaulin also went up by 13.44 percent to $74.122 million.
Pakistan exported textile products worth $10 billion in 7 months
On the other hand, the textile goods that witnessed negative growth in exports included cotton yarn, the exports of which declined by 34.66 per cent, from $ 687.857 million to $449.419 million. Meanwhile, exports of cotton cloth declined by 9.34 percent, to $1.225 billion; cotton (carded or combed) down by 41.18 percent, from $1.610 million to $0.947 million, yarn (other than cotton yarn) by 23.15 per cent, from $34.031 million to $26.154 million and knit-wear by 2.93 per cent from $2.887 billion to $2.803 billion.
According to the PBS, exports of bed wear went down by 14.81 percent from $1.924 billion to $1.639 billion and towels by 5.29 percent, from $615.355 million to $582.833 million. Similarly, exports of readymade garments decreased by 1.71 percent, from $2.162 billion to $2.125 billion; art, silk and synthetic textile by 8.88 percent, from $262.519 million to $239.208 million; made-up articles (excluding towels, bedwear) by 11.41 per cent, from $491.091 million to $435.050 million while the exports of all other textile materials went down by 3.98 per cent, from $443.955 million to $426.276 million.
Mian Riaz chairs third meeting of Child Protection Advisory Board
Meanwhile, on a year-on-year (YoY) basis, the textile goods’ exports declined by 14.83 per cent in January 2023 to $1.321 billion against exports of $ 1.551 billion in January 2022.