Textiles exports fall 18.15pc in November

ISLAMABAD: Pakistan’s textiles exports declined for the second month in November, dropping 18.15 percent to $1.42 billion from $1.736 billion in the corresponding month last year.

Sales of all major components shrunk, including cotton cloth, knitwear, bedwear, and towels, while readymade garments exports were the same as a year ago.

Comparing it with the previous month, Pakistan’s exports were up 4.7 percent over November 2021’s exports of $1.357 billion, the Pakistan Bureau of Statistics (PBS) said on Friday.

From July to November, the textile sector’s total exports were down 5.1 percent to $7.36 billion from $7.76 billion during the same period last year.

In November 2022, cotton cloth exports dipped by 25 percent to $153.7 million compared to $204.85 million in November 2021, while over the previous month’s exports of $169.6 million, exports decreased by 9.45 percent.

Over October, knitwear exports increased 2.17 percent to $400.2 million, bedwear 2.45 percent to $222.5 million, towels exports increased 16.4 percent to $92.65 million, while exports of readymade garments increased 18.55 percent to $326.7 million.

Likewise, over the corresponding month of last year, knitwear exports declined 12.8 percent, bedwear exports slashed 29.4 percent, and towels sales abroad went down 12 percent, while readymade garments exports were the same as recorded in November 2021.

In FY22, total textile exports were at a historic high of $19.35 billion, with an increase of over a quarter over FY21’s exports of $15.4 billion. Textiles is the top foreign exchange earner for Pakistan and occupies over 60 percent of the country’s total exports.

Food group exports increased 4.6 percent to $434.3 million against $415.3 million recorded in October 2022 and 15.6 percent decline over the same month of last year, when this group’s exports were at $514.7 million. Of this, rice exports were $203.15 million against $143.8 million in the previous month and $231.9 million in November 2021. Over the previous month, rice exports in November 2022 increased by over 41 percent while compared to the same month of last year exports declined by 12.4 percent.

IMPORTS

In November 2022, petroleum group imports increased 38.56 percent to $1.646 billion against $1.19 billion in October 2022. Its imports declined 24.6 percent over $2.18 billion imported in the same month last year.

Over the previous month, imports of petroleum products increased 55.5 percent to $708.2 million, crude 46.64 percent to $546 million, LNG 7.16 percent to $318 million, and LPG imports went up 16.1 percent to $73.8 million. Over November 2021, petroleum products imports decreased 43.8 percent and LNG imports went down 23.9 percent; however, crude imports rose 25.2 percent and LPG 10.2 percent.

Metal group (including gold, iron, and others) imports were slashed by 8.15 percent to $364.1 million compared to the previous month’s imports of $396.4 million. Over November 2021, imports were of $663.4 million, depicting a decline of 45.1 percent. Of this, over the previous month, gold imports were down 11 percent to $2.2 million, iron and steel scrap down 5.9 percent to 111 million, and iron and steel fell by 12 percent to $153.7 million. Over the corresponding month of last year, gold imports were down 31.8 percent, iron and steel scrap down 59.6 percent, and iron and steel imports were down by 44.6 percent.

In November 2022, the economy imported 17 percent more machinery and it stood at $535 million against $457 million in the previous month of October. In November 2021, machinery imports were $1.1 billion, depicting a decline of 49.9 percent.

Over the corresponding month of last year, textiles machinery imports declined 60.6 percent to $25 million, power generation machinery went down 64.6 percent to $57.7 million, and telecom sector machinery imports fell by 61.2 percent to $110.1 million, electrical machinery imports by 15.45 percent to $156 million and construction and mining machinery imports declined 73.6 percent to $4.78 million.