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Wednesday, June 19, 2024

Pakistan experiences a 0.65% decrease in textile exports

A pillar of Pakistan’s economy, the textile sector has encountered a slight setback, witnessing a marginal decline of 0.65% in exports during the initial eight months (July – February) of the fiscal year 2023-24.

According to data from the Pakistan Bureau of Statistics (PBS), textile exports amounted to $11.15 billion during this period, compared to $11.22 billion in the corresponding months of the previous fiscal year.

Major components of the sector experienced varied performances. Knitwear exports notably decreased by 5.69% to $2.90 billion during July – February 2023-24, down from $3.08 billion in the same period of the previous fiscal year. Similarly, exports of readymade garments declined by 3% to $2.31 billion, compared to $2.38 billion in the previous fiscal year.

However, there was a modest uptick of 2.08% in the export of bed wear, reaching $1.87 billion during the first eight months of the current fiscal year, up from $1.83 billion in the corresponding period of the previous fiscal year.

Conversely, the export of cotton cloth dropped by 8.71% to $1.26 billion during the same period, from $1.38 billion in the previous fiscal year. In contrast, there was a substantial 48% surge in the export of cotton yarn during the review period.

Despite experiencing a significant 19.20% year-on-year increase in February 2024, the sector encountered a 3.31% month-on-month decline in the same month.

The textile industry plays a crucial role in Pakistan’s economy, contributing to employment generation and foreign exchange earnings. The marginal dip in textile exports highlights the necessity for sustained efforts to address challenges and leverage opportunities to bolster competitiveness and sustainability in the sector.

Analysts point to factors such as global market dynamics, fluctuations in raw material prices, and evolving consumer preferences as influencing Pakistan’s textile export performance. They stress the importance of adopting strategies to diversify export markets, enhance product quality, and invest in innovation to sustain the sector’s growth trajectory.

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