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Saturday, May 25, 2024

Pakistan’s textile witness a slight increase in the first month of FY 22-23

According to figures from the Pakistan Bureau of Statistics (PBS), Pakistan’s textile exports increased by 0.67% in July, the first month of the fiscal year 2022-2023. However, the textile commodities that witnessed negative growth in trade included cotton yarn, which declined from 89.871 million dollars to 71.364 million dollars in the first month of the fiscal year 2022-2023. The PBS data showed that exports of textile commodities were recorded at 1,481.02 million US dollars in July.

Cotton cloth, raw cotton, knitwear, and ready-made garments were among the commodities that contributed to the trade growth of the textile sector in July. The textile industry of Pakistan contributes over 60 percent of the total exports and employs 40 percent of the industrial labor force, rendering it the major industrial sector of the country, which plays an important role in the country’s economic growth.

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