Page 9 - TEXtalks November/December 2021

08 09

Pakistan's exports increasing

at a good pace: PBS

Pakistan is showing good growth in exports. July-October (2020-21).
According to the Pakistan Bureau of Statistics
(PBS), the exports from the country witnessed an The government is presenting a mini-budget
increase of 26.68% and reached $12.3bn during soon, which will increase the tax on a few import
the first five months of the current fiscal year items, resulting in reduced imports to narrow the
(2021-22) compared to the corresponding months trade deficit. However, it is before saying the
of last year. According to PBS data, the exports actual benefits could be achieved or vice versa.
from the country stood at $12.344 billion during The All Pakistan Textile Mills Association (APTMA)
July-November (2021-22) against the exports of has revealed that Pakistan's textile products will
$9.744 billion recorded during July-November increase by $6 billion this year. In the same vein,
(2020-21), showing a growth of 26.68%. the government has set a target of $20 billion in
textile exports.
On a month-on-month basis, the country's
exports witnessed a positive growth of 17.04% As per APTMA, Pakistan witnessed a 30% YOY
during November 2021 compared to the exports growth from July to Nov (2021) in exports due to
of $2.464 billion recorded during October 2021. the setting up 100 new export-oriented textile
Exports showed a growth of 32.84% and reached industrial plants in the country. APTMA also
$2.884 billion compared to $2.171 billion in revealed further plans for the expansion of the
November 2020. During the months under review, textile sector, which includes 40 spinning mills of
the imports increased by 69.17%, growing from 32,000 spindles capacity, a total of 1.25 million
$19.468 billion last year to $32.934 billion in spindles, 6000 Airjet looms in 40 weaving mills of
July-October (2021-22). The imports into the 150 looms capacity, 40 processing plants of 3
country increased from $4.292 billion in million square meter capacity are in the process
November 2021 to $7.847 billion in November of being set up in Pakistan which will further
2020, showing a growth of 82.83%. Therefore, the enhance Textile Export capacity. The total
trade deficit is increasing, which needs attention. investment and expansion plan for all sectors for
Based on the data, the trade deficit during the FY22 is worth $4.5bn and includes $3.5bn for the
period under review was recorded at $20.590 textile sector alone. Investments of $1.5bn have
billion, showing an increase of 111.74% over the been made so far in the textile sector, while the
deficit of $9.724 billion recorded during rest $2bn would be in place by June 30, 2022.

November/December 2021 November/December 2021