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Saturday, February 24, 2024

First increase in Pakistan’s textile exports after 13 months in October

Textile exports rose 5.9 percent year-on-year in October to $1.437 billion, the first increase in 13 months, as the industry benefited from improved availability of raw materials after the government eased import restrictions, according to PBS data.

That was the first monthly gain since September 2022, when exports fell 10.88 percent. On a month-on-month basis, exports rose 5.6 percent from $1.36 billion in September, the data from the Pakistan Bureau of Statistics (PBS).

From October 2022 to September 2023, the overseas sales of this sector were continuously negative. In October 2022, it declined 15.23 percent, November 18.15 percent, December 16.47 percent, January 14.8 percent, February 29.9 percent, March 22.6 percent, April 29.1 percent, May 19.57 percent, June 13.7 percent, July 2023 11.44pc and August 7.65pc.

Data reveals that the country’s textile exports from July to October of FY24 witnessed a decline of 6.3 percent, totaling $5.565 billion, down from $5.94 billion in the corresponding period of FY23.

In the previous fiscal year (July-June 2022-23), total textile exports declined by 14.6 percent to $16.5 billion compared to the record high of $19.35 billion achieved in FY2021-22. In FY21, exports were $15.4 billion.

In October 2023, sales of most components of the group increased. This includes bedwear, knitwear, towels, and readymade garments.

During the month, exports of knitwear increased by 7.2 percent to $371 million, bedwear by 4.8 percent to $243.6 million, readymade garments by 9.5 percent to $274.4 million, and towels by 11.3 percent to $93.85 million. However, cotton yarn exports declined 18.9 percent to $92.1 million and cotton cloth decreased by 2.25pc to $170.3 million compared to October 2022 exports.

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