According to the most latest updates from the industry officials, the exports of value-added textile products posted a growth of over 12 % year-on-year to $3.46 billion in the first five months of 2017-18, the Pakistan Bureau of Statistics by the start of the second last week of December 2017.
This propelled overall growth in exports during the period under review mainly because of a cash subsidy offered to exporters under the prime minister’s incentives package and the payment of sales tax refunds. Total exports of the textile sector reached $5.51bn in July-November against $5.11bn a year ago, reflecting an increase of 7.66pc. The share of textile and clothing sector in overall export proceeds stood at 61pc during the period under review.
The main driver of growth was the value-added textile products. Exports of readymade garments edged up 14.69pc in the first five months in value and 11.45pc in quantity. Similarly, exports of knitwear increased 12.07pc in value and 12.82pc in quantity during the period under review.
In the category of primary commodities, exports of cotton yarn witnessed a year-on-year increase of 0.64pc in value. Exports of yarn other than cotton increased 15.8pc in dollar terms.
Exports of made-up articles, excluding towels, increased 7.8pc while those of art, silk and synthetic textiles rose 53.3pc during the period under review. However, exports of tents, canvas and tarpaulin dipped over 33pc. Raw cotton exports recorded a year-on-year increase of 49.7pc.
The import bill of overall machinery decreased 2.2pc to $4.53bn. The decline was mainly led by a drop in the imports of power-generating machinery, office machinery, construction and mining machinery. Imports of textile and agriculture machinery also witnessed a growth in the first five months of the current fiscal year.