ISLAMABAD: Textile exports rose 5.9 percent year-on-year in October to $1.437 billion, the first increase in 13 months, as the industry benefited from improved availability of raw material after the government eased import restrictions, official data showed.
That was the first monthly gain since September 2022, when exports fell 10.88 percent. On a month-on-month basis, exports rose 5.6 percent from $1.36 billion in September, the data from the Pakistan Bureau of Statistics (PBS) showed on Friday.
From October 2022 to September 2023, the overseas sales of this sector were continuously negative. In October 2022, it declined 15.23 percent, November 18.15 percent, December 16.47 percent, January 14.8 percent, February 29.9 percent, March 22.6 percent, April 29.1 percent, May 19.57 percent, June 13.7 percent, July 2023 11.44pc and August 7.65pc.
Data reveals that the country's textile exports from July to October of FY24 witnessed a decline of 6.3 percent, totaling $5.565 billion, down from $5.94 billion in the corresponding period of FY23.
In the previous fiscal year (July-June 2022-23), total textile exports declined by 14.6 percent to $16.5 billion compared to the record high of $19.35 billion achieved in FY2021-22. In FY21, exports were $15.4 billion.
In October 2023, sales of most components of the group increased. This includes bedwear, knitwear, towels, and readymade garments.
During the month, exports of knitwear increased by 7.2 percent to $371 million, bedwear by 4.8 percent to $243.6 million, readymade garments by 9.5 percent to $274.4 million, and towels by 11.3 percent to $93.85 million. However, cotton yarn exports declined 18.9 percent to $92.1 million and cotton cloth decreased by 2.25pc to $170.3 million compared to October 2022 exports.
The food group exports in October 2023 increased by 59 percent to 664 million compared to $415.2 million in October 2022. Over the previous month, it increased by 16.7 percent.
Of the food group, rice exports were $304.4 million, showing a 111.7 percent increase from October 2022 exports ($143.8 mln) and a 76.6 percent increase over the previous month's exports of $172.4 million. Basmati rice exports increased by 29.9 percent to $67 million. Similarly, meat and meat preparations sales abroad also increased by 15.3 percent to $39.6 million and fruits went up 18.6 percent to $20.3 million. Whereas, exports of fish and fish preparations decreased by 25.2 percent to $40.8 million over the same month last year.
Sports goods exports declined 4.1 percent to $35.5 million, of which, football exports went down 0.43 percent to $22.13 million. Exports of surgical goods went down 4.7 percent to $37.5 million, while chemicals and pharmaceuticals exports increased by 13.2 percent to $145.3 million and cement exports also increased 32.6 percent to $26.4 million in October 2023 against October 2022.
Besides, plastic materials exports increased 39.8 percent to $29.5 million and engineering goods by 13.9 percent to $31.9 million, while leather manufactured exports were down by 7.5 percent to $49.5 million and footwear by 12 percent to $11.9 million in October.
Imports
Petroleum group imports in October 2023 increased 28.5 percent to $1.53 million against $1.19 billion in October 2022. Of this, import of petroleum products increased by 42 percent to $646 million, and crude oil imports up by 45 percent to $539.8 million. Last year in the same month, their imports were 455 million and $372 million respectively. Whereas, liquefied natural gas (LNG) imports reduced by 6.3 percent to $278.3 million and liquefied petroleum gas (LPG) also went down 0.88 percent to $63 million.
It is to be noted that in FY23, imports of the petroleum group experienced a notable decrease, shedding 27 percent compared to $17.0 billion against $23.3 billion in FY22.
In FY23, crude imports were down 11.6 percent to $4.95 billion, petroleum products by 36.8 percent to $7.63 billion, and LNG by 24.6 percent to $3.76 billion. However, LPG imports were high by 2.2 percent to stand at $675 million over FY22.
Increased machinery imports in October 2023 signal an encouraging trend for development, suggesting a potential acceleration of economic activities in the country in the months ahead.
During October 2023, machinery imports witnessed a year-on-year increase of 52 percent to 694.7 million compared to $457 million in October 2022.
Of this group, agriculture machinery imports in October 2023 increased by 255.5 percent to $9.4 million, construction and mining machinery by 25.4 percent to $6.4 million, and electrical machinery and apparatus imports also increased by 141 percent to $263.2 million.
However, imports of textile machinery decreased by 73.6 percent to $11 million, and power generation machinery by 44.4 percent to $26.1 million.
On the other hand, telecom machinery imports increased by 114.6 percent to $207.8 million. Of this, imports of mobile sets experienced a substantial increase of 152 percent, reaching $166 million compared to $124.6 million in October 2022.
The transport sector’s total imports in October 2023 declined by 50 percent to $100 million against $199.2 million in October 2022.
Of the transport sector’s total imports, spending on road motor vehicles (built units, CKD/SKD) stood at 77.6 million which was 60.75 percent less than $197.7 million in the same month of last year.
However, on completely built units (CBU), imports of buses, trucks, and other heavy vehicles experienced an increase of 140 percent to $25.74 million. Of this, imports of motor car units increased by nearly seven times (675.7 percent to be specific) to $20.95 million compared to the same month last year’s imports of $2.7 million.
Regarding CKD/SKD models, imports of cars, motorcycles, buses, trucks, and other heavy vehicles decreased by 82.7 percent to $27.5 million. Of this, while motor car imports reduced by 77.8 percent to $22.9 million.
Motorcycle imports stood at $3.0 million, and parts and accessories imports stood at $17 million.