Textiles exports decline 13.2pc in July 2022

ISLAMABAD: Pakistan’s textiles exports declined in July 2022 by 13.2 percent to $1.48 billion over the previous month’s exports of $1.71 billion, with almost all major subcategories' overseas sales slipping over June.

During the month under review, textiles’ total exports were up by less than a percent over July 2021’s exports of $1.47 billion, the Pakistan Bureau of Statistics (PBS) said on Tuesday.

In FY2022, the sector’s total exports hit a historic high of $19.35 billion, with an increase of over a quarter over FY2021’s exports of $15.4 billion.

Over the last two years, the sector, on the back of incentives, drew in more investment and saw a surge in exports.

Textiles is the top foreign exchange earner for Pakistan and occupies over

60 percent of the country’s total

exports.

In July 2022, cotton yarn exports reduced by 24.2 percent to $71.36 million compared to $94.1 million in June 2022, while compared with July 2021’s exports of $89.87 million, its exports were down 20.6 percent.

Over the previous month, cotton cloth exports in July 2022 reduced by

9.4 percent to $182 million, knitwear by 8.4 percent to $434.9 million, towels

by 17.8 percent to $74.96 million, readymade garments by 17.4 percent to

$304.6 million, cotton yarn 24 percent to $71.4 million, and bedwear sales

abroad went down by 10.6 percent to $254 million.

Similarly, over the corresponding month of last year, cotton yarn exports were down 20.6 percent, bedwear by 3.55 percent and towels exports slashed 3.67 percent, however, knitwear exports were up by 10.75 percent, and readymade garments by 1.14 percent.

It is interesting to note that volumetric exports of the textiles group also declined in July 2022.

Food group exports also declined by 28.27 percent to $358 million against $499 million recorded in the previous month, however, they increased 6.57 percent over July 2021’s exports of $335 million.

In July 2022, the petroleum group imports declined by 60.5 percent to $1.436 billion over $3.64 billion in June 2022, however, they increased by 7.96 percent over July 2021’s imports of $1.33 billion.

Of this, the petroleum products’ imports in July 2022 over the previous month declined by 64.4 percent to $728 million, crude oil by 48.6 percent to $431 million, and LNG imports by 67 percent to $230.5 million, and LPG imports dropped by 13.7 percent to $46.4 million.

Over July 2021, crude oil imports jumped by 14.5 percent, LPG by 33.6 percent, while LNG imports decreased 15.15 percent in July 2022.