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Saturday February 24, 2024

Textile exports rise 3.7pc in Q1; drop 3pc in September

October 19, 2022

ISLAMABAD: Pakistan’s textiles exports increased 3.7 percent to $4.58 billion in the first quarter ended September 30, 2022, whereas the month’s exports declined 3 percent to $4.42 billion, official data showed on Tuesday.

Pakistan Bureau of Statistics (PBS) data showed that from July to August 2022, the cumulative exports of knitwear increased 15.4 percent to $1.32 billion; cotton cloth by 4.2 percent to $580.5 million, and readymade garments by 5.9 percent to $911.5 million over their exports in the same period of last year.

However, bed wear exports were down 2.9 percent to $780 million, towels 1.7 percent to $237.3 million, and cotton yarn sales declined by 18 percent.

In September 2022, the textile group exports were $1.53 billion compared to $1.57 billion in August 2022 and $1.49 billion in September 2021. Its exports declined 3 percent over the previous month and increased 2.7 percent over the corresponding month’s exports.

In September, cotton cloth exports increased 3.9 percent to $203 million, bedwear 3.5 percent to $258 million, towels 16.3 percent to $87.3 million, while exports of knitwear declined by 3 percent to $436.4 million, readymade garments sales contracted 16 percent to $277 million and cotton yarn exports also declined 15 percent to stand at $75.8 million over the previous month.

Likewise, over the corresponding month of last year, cotton cloth exports were up 7.3 percent, knitwear 12.5 percent, towels 8.2 percent, and readymade garments 0.25 percent. However, over September 2021, exports of bedwear slashed 2.8 percent, and cotton yarn exports declined by 20.4 percent.

Textile sector’s exports increased during Q1 of FY22 over the previous fiscal and achieved the highest-ever exports of $19.35 billion on the back of high international demand.

In three months, sports goods exports increased by 31.2 percent to $102.2 million over the same period of last year, and in September 2022, exports of sports goods hiked by 11.3 percent to stand at $38.4 million over the previous month.

Food group exports in Q1 increased by 5.7 percent to $1.08 billion against $1.02 billion recorded in the same period last fiscal. However, of this, rice exports declined by 5.1 percent to $401.6 million, including basmati exports which were reduced by 15.5 to $130 million.

In September 2022, the economy imported 29.2 percent less machinery. It stood at $473 million against $668.4 million in August 2022. During the month under review, its imports declined 51.8 percent over September 2021’s imports of $981.7 million.

Textile machinery imports stood at $52.5 million declining six percent over the previous month and 39.2 percent over the same month a year ago.

Power generation machinery imports were up by 3.2 percent to $54.6 million over the previous month, while YoY imports were slashed by 70.3 percent.

Telecom sector machinery imports were reduced by 22.4 percent over the previous month and 70.9 percent over the corresponding month. Similarly, electrical machinery imports also declined 52 percent over the previous month and 33.4 percent over the corresponding month.

It is to be noted that in September 2022, Pakistan’s total exports were $2.446 billion as compared to $2.482 billion in August 2022, showing a decrease of 1.45 percent. However, exports increased 1.54 percent as compared to $2.409 billion in September 2021.

During July–September 2022 exports totaled $7.179 billion against $6.996 billion during the corresponding period of last year showing an increase of 2.62 percent.

Imports in September 2022 were $5.347 billion as compared to $6.071 billion in August 2022 showing a decrease of 11.93 percent. It decreased by 18.53 percent as compared to $6.563 billion in September 2021.

In three months, the imports totalled $16.40 billion as against $18.715 billion during the corresponding period of last year showing a decrease of 12.37 percent.