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Thursday, March 28, 2024

Textile exports remain unchanged at $9.99b

Pakistani textile exports were recorded at $ 9.99 billion from July to March (during nine months) of the current fiscal year. The country’s textile exports remained at a similar level the last year, showing no progression. The incumbent government provided numerous incentives to five export-oriented sectors including textiles to increase the country’s exports. The government had depreciated the currency and reduced electricity and gas prices but it failed to achieve the desired results.

Data released by Pakistan Bureau of Statistics showed that the country’s exports increased by 0.11 percent to $ 17.08 billion during the period of July to March 2018-19. The major chunk of exports is from the textile sector, which remained at $ 9.99 billion. Exports from all other sectors were only $ 7.09 billion during nine months of the current fiscal year.

In the textile sector, according to PBS, knitwear exports have increased by 9.29 percent during the period July to March in 2018-19 over a year ago. Similarly, sleepwear exports also recorded a rise of 2.69 percent and exports of made up articles increased to 1.26 percent. Meanwhile readymade garment exports have also surged by 2.02 percent in the first nine months of the ongoing financial year. PBS data showed that exports of cotton cloth have recorded a decline of 2.09 percent. Similarly, raw cotton exports dropped 71.84 percent. Cotton yarn exports witnessed a decline of 15.44 percent. While towel exports declined to 1.85 percent.

PBS data shows that the country spent $ 6.74 billion to import machinery during the ongoing fiscal year in July and March. The third largest component is food commodities whose imports rose to $ 4.26 billion during the first nine months of the current financial year.

The country’s trade deficit was recorded at $23.67 billion during nine months of the current financial year as against the deficit of $27.21 billion during corresponding period of the previous year. This depicts 13.02 percent or ($3.54 billion) reduction in the deficit.

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