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Tuesday, May 28, 2024

Textile exports see fourth straight monthly surge in March despite power woes

In the backdrop of high power and energy prices, government data surprisingly revealed that textile exports rose by 3.3 percent to $1.3 billion in March 2024 compared to $1.258 billion in the same month of the previous year; marking a steady increase in exports for the sector over the past 4 months.

Textile exports saw a year-on-year increase of 3.3 percent in December 2023, followed by a jump of 10.10 percent in January 2024, and a substantial increase of 20.2 percent in February. The latest uptick of 3.3 percent in March further solidifies this positive trend.
However, despite this monthly improvement, cumulative textile exports for the first nine months of the fiscal year (July-March 2023/24) still experienced a slight decline of 0.25 percent. Total exports for the period amounted to $12.44 billion, slightly lower than the $12.476 billion recorded in the corresponding period of the previous year.

The Pakistan Bureau of Statistics (PBS) revealed that textile group sales were down by 7.67 percent compared with the previous month of February 2024, totaling $1.407 billion.However, during March, sales of major components of the textile group increased compared to the same month of last year. This includes bedwear, knitwear, towels, readymade garments, and cotton cloth.

Knitwear exports increased by 8.12 percent to $336.7 million, bedwear by 9.36 percent to $215.3 million, readymade garments by 3.9 percent to $287.3 million, and towels by 18.1 percent to $93 million. Similarly, cotton cloth exports increased by 3.2 percent to $163 million compared to March 2023 exports. But, over the previous month of February 2024, these segments’ exports declined.
According to the PBS, textile machinery imports were down by 49 percent to $9.47 million.

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