Pakistani textile exporters saw an increase of 12 percent in exports when compared with May. The exports clocked $1.70 billion in June ’23 compared with $1.14 billion achieved in May’23.
The surge came from the value-added sector which reached $1.07 billion, which is up by 17 percent MoM. Bedwear, Readymade Garments, and Knitwear increased by 19 percent, 19 percent, and 18 percent MoM respectively. On the other hand, Basic textiles decreased by 2 percent MoM with Cotton Cloth decreasing by 7 percent MoM.
Volumetrically the exports of Bedwear, Readymade Garments, Knitwear, and Towels increased by 20 percent MoM, 16 percent MoM, and 14 percent MoM, and 8 percent MoM. Major increases came from the United States and European Union markets.
However, YOY basis Pakistan’s textile exports were down by 14 percent due to a 15 percent and 9 percent decline in Value-Added and Basic segments respectively. Value-Added segment declined on a YoY basis due to Bedwear, Knitwear, Readymade Garments, and Towels decreasing by 15 percent, 17 percent, 13 percent and 4 percent YoY.
During the fiscal year 2022-23 (FY23), Pakistan recorded textile exports of $16.50 billion down by 15 percent YoY (18 percent). Basic and value-added declined by 21 percent and 13 percent YoY respectively.
Experts say going forward in FY24 textile exports will depend on demand from export markets of the US and Europe. High energy costs and an increase in the minimum wage for FY24 will be key challenges for the sector.
Pakistan’s textile exports up 11% in June over previous month
