The textile exports of Pakistan has increased for about 5.2% to $2.18 billion in the first two months of the current fiscal year of 2017/18 as the sector geared up efforts to meet government’s exports increment target to qualify for incentives. According to the data presented by the Pakistan Bureau of Statistics (PBS), 20th September 2017, that textile industry made $2.06 billion in income in the conforming period of the last fiscal year.
The textile sector of Pakistan accounted for more than 60% of exports revenue of $3.49 billion earned during the period under review. Total exports were up 11.8% over the same period a year earlier.
Meanwhile the value-added textile industry also showed resilience on the time duration of two months. The highest revenue spinner in this section is the knitwear that earned about $439.26 million in July-August, up 7.6% over the corresponding period a year ago.
On the other hands the exports of readymade garments rose by 15.7% to $418.63 million during the period under review. The bed-wear export increased 8.1% to $384.32 million. Cotton cloth export, however, decreased 7.9% to $349.3 million.
Back in the month of January, this year, the government unveiled Rs180 billion worth of incentive package for both textile and non-textile sectors. The scheme comprises of concessions on and exemption from sales tax and customs duty on import of cotton and textile machinery. But the incentives are linked with an increase of exports revenue by at least three billion dollars till end of the current fiscal year.
PBS data showed that food exports climbed 30.1% to $512.32 million in the July-August period. Almost half of the food export revenue stemmed from rice export that rose 40.4% to $223.94 million during the period under review. The leather sector, which continued to face decline in exports for quite sometimes, also witnessed a rise of 5.8% in exports at $89.17 million during the two months.
In August, textile exports rose 8.6% YoY and 16.5% MoM to $1.18 billion. Knitwear export increased 21.1% YoY and 26.7% MoM. Exports of bed-wear surged 14.9% YoY and 25.5% MoM. Ready-made garments export rose 11.1% YoY, but it fell 3% MoM. In July-August, total imports surged 24.9% to $9.79 billion, according to the Pakistan Bureau of Statistics.
