ISLAMABAD – Exports of textile products increased by 4.18% in the first two months of the current financial year compared to the corresponding month of last year.
According to the latest data released by the Pakistan Bureau of Statistics (PBS) on Thursday.
Textile products that contributed to the growth in trade included raw cotton whose exports increased from $100 million to $5.563 million during the period.
Other products that saw growth in trade included cotton fabrics, whose exports increased by 2.65% from $367.624 million to $377.374 million, and knitwear whose trade increased by 16.95%, from $756.522 million to $884.759 million.
Similarly, exports of tents, canvas and tarpaulins increased by 56.82% from $12.250 million to $19.210 million, ready-made garments by 8.49% from $584.941 million to $634.596 million and art, silk and synthetic textiles by 2.43%, from $69.202 million to $70.887 million.
Textile products that experienced negative trade growth included cotton yarn, whose exports fell by 17.03% from $193.389 million to $160.453 million.
Exports of cotton (carded or combed) decreased by 89.61% from $0.770 million to $0.080 million, yarn (other than cotton yarn) by 0.81% from $7.770 million to $7.707 million, bed linens 3%, from $528.109 million to $512.291 million, towels 6.61%, from $160.614 million to $150.001 million, made-up goods (at (excluding towels, bedding) by 13.63%, from $133.356 million to $115.183 million, while exports of all other textile materials decreased by 0.76%, from $119.192 million to $118.283 million. .
Meanwhile, on a year-on-year basis (YoY), textile product exports increased by 7.71% in August 2022 to $1,575.366 million from exports of $1,462.554 million in August 2021. On a Monthly (MoM), textile products exports increased by 7.07% in August 2022 compared to exports of $1,481.021 million in July 2022, according to PBS data.
It is relevant to mention here that the country’s overall merchandise exports have seen an increase of 3.75% in the first two months of the current fiscal year compared to the corresponding period last year.
The country’s overall exports were recorded at $4.759 billion in July-August (2022-23) compared to exports of $4.587 billion recorded in July-August (2021-22).
On the other hand, imports into the country decreased by 9.25% from $12.152 billion last year to $11.028 billion in July-August (2022-23).
Based on the data, the trade deficit during the period under review was recorded at 6.269 billion dollars, a decrease of 17.13% compared to the deficit of 7.565 billion dollars recorded last year, revealed PBS data.