The exports of textile goods increased by 3.68% during the first quarter of the current fiscal year compared to the corresponding period of last year. The textile goods exports were recorded at $4,583.610 million in July-September (FY2022-23) against exports of $4,420.883 million in July-September (FY2021-22), showing growth of 3.68%, the latest data released by the Pakistan Bureau of Statistics (PBS) show.

The textile products that contributed to trade growth included cotton cloth, the exports of which grew by 4.21% to $580.524 million from $557.081 million, while the exports of knitwear increased by 15.40%, from $1,144.587 million to $1,320.897 million.

Similarly, the exports of tents, canvas and tarpaulin increased by 40.56%, from $21.177 million to $29.766 million, readymade garments by 5.85%, from $861.169 million to $911.514 million and art, silk and synthetic textile by 0.35% from $107.947 million to $108.321 million.

The exports of raw cotton grew to $5.908 million, according to the PBS data. The textile goods that witnessed negative growth in trade included cotton yarn, the exports of which declined by 18.14%, from $ 288,617 million to $ 236,263 million.

Likewise, the exports of cotton (carded or combed) declined by 85.47% from $1.473 million to $0.214 million, yarn (other than cotton yarn) by 4.97% from $12.426 million to $11.808 million, bed-wear by 2.93% from $803.259 million to $779.703 million, towels by 1.67% from $241.307 million to $237.280 million, made-up articles (excluding towels, bedwear) by 8.97% from $197.428 million to $179.722 million, while the exports of all other textile materials went down by 1.48%, from $184.412 million to $181.690 million.

Meanwhile, on a year-on-year basis, textile goods exports increased by 2.68% in September 2022 to $1,527.071 million compared to exports of $1,487.144 million in September 2021. The PBS data revealed that on a month-on-month basis, the textile goods exports declined by 3.07% in September 2022 compared to the exports of $1,575.366 million in July 2022.

The overall trade deficit witnessed a decline of 21.42%, with a considerable decline in imports and an upward trend in exports, during the first quarter of the current fiscal year compared to the corresponding period of last year. The exports from July to September (2022-23) were recorded at $7.125 billion compared to the exports of $6.996 billion from July to September (2021-22), showing a growth of 1.84%. 

On the other hand, imports into the country decreased by 12.72% during the period under review, going down from $18.715 billion last year to $16.334 billion during the current year. Based on the figures, the trade deficit was recorded at $9.209 billion this year compared to a deficit of $11.719 billion last year, showing negative growth of 21.42%.

Credit : Independent News Pakistan-WealthPk