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September 22, 2019

Textile exports inch up 2.3 percent in July-August

Business

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September 22, 2019

ISLAMABAD: Textile group exports saw a skimpy growth of 2.30 percent in the first two months of the current fiscal year vis-à-vis the figures from the same period last year, largely due to sluggish economy, latest data showed on Saturday.

Pakistan Bureau of Statistics- (PBS) released trade numbers presented that different textile products worth $2.215 billion were exported during July-August 2019-20, as against $2.303 billion exported in the same period of fiscal year 2018-19.

However, on a month-to-month basis, the textile exports shrank 5.32 percent to $1.190 billion in August 2019 from $1.257 billion in the same month last year.

In the first two month, textile products that posted positive growth in exports were raw cotton, up 152.33 percent, cotton (carded or combed), up 100 percent, and yarn other than cotton, up 44.96 percent.

Among value-added products knitwear exports weaved their way up to 12.84 percent, bed-wear increased 1.22 percent, while readymade garments were up 7.47 percent.

Textile products, which saw a negative growth in exports, were cotton yarn, down 7.76 percent, cotton cloth, down 6.35 percent, towels, down 0.20 percent, while other textile materials witnessed a decline of 15.46 percent.

In the period under review, the country earned $541.484 million by exporting about 20.731 million dozens of knitwear items, compared to $479.877 million in the same period last year.

Meanwhile, about 86,828 tons of bed-wear worth of $399.994 million was exported during the period as against 72,114 tons, valuing $395.172 million in same period a year ago.

About 10.436 million dozens of readymade garments, valuing $476.484 million, were exported during July-August, compared to 7.752 million dozens of apparels worth $434.981 million in the corresponding period of the last year.

On the other hand, the exports of cotton yarn fell from $224.149 million to $206.757 million, cotton cloth from $346.767 million to $324.758 million, while other textile materials' exports went down from $67.636 million to $57.180 million.

Country’s trade deficit narrowed 35.86 percent year-on-year to $3.924 billion in the first two months of this fiscal year as imports decreased on regulatory measures coupled with a slowdown in oil shipments, while exports showed some signs of recovery.

In July-August, imports fell 21.41 percent year-on-year to $7.677 billion, while exports rose 2.79 percent to $3.753 billion.

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