Raza Khan

Textile products accounted for 61% of  Pakistan’s total exports during the first half (July-December) of the current fiscal year (2022-23), WealthPK reported. The country’s total exports were recorded at $14.249 billion during the first half of the current fiscal year, against $15.125 billion during the corresponding months of 2021-22, with a decline of 5.79%, data from Pakistan Bureau of Statistics (PBS) shows.

According to All Pakistan Textile Mills Association (APTMA), textile exports dropped to $8.73 billion during July-December FY23 from $9.38 billion during the same months of FY22. Provisional data of the Ministry of Commerce shows that exports of textile products including bedwear, men’s suits, cotton yarn, woven fabrics of cotton and T-shirts, and pullovers captured most of the shares.

With a decline of 13.6%, exports of bed linen, table linen, toilet linen, and kitchen linen were registered at $1.530 billion during July-December FY23 compared to 1.771 billion during the same months of FY22. Exports of men’s suits were recorded at $1.486 billion during the months under review against $1.494 billion during the corresponding period of last fiscal year, registering a slight decline.

Exports of woven fabrics of cotton rose by 10.67% to $398.77 million during July-December FY23 from $360.3 million during the corresponding months of the last fiscal year. Exports of jerseys, pullovers, cardigans, waistcoats and similar articles were recorded at $489.85 million during the period under review compared to $495.74 million during the corresponding months of FY22, with a slight decline of 1.18%.

A marginal growth of 1.18% was also recorded in the exports of T-shirts, singlet and other vests. Exports of T-shirts rose to $330 million during the first six months of 2022-23 from $324 million during the same months of FY22. Exports of cotton yarn dropped by 37% to $379 million during July-December from $602 million during the corresponding months of last fiscal year.

Apart from textile products, rice exports also declined by 13% during the months under review and export volume was recorded at $928.4 million against $1.068 billion during the same period of 2021-22. Pakistan achieved its highest ever textile exports of $19.329 billion during the last fiscal year. However, the textile sector couldn’t sustain the trend of positive growth and exports started to decline during October this year after recording single digit growth during the first three months (July, August, September) of 2022-23.

Textile exports dropped by 15%, 18% and 15% during October, November and December, respectively. During calendar year 2022, textile exports grew by 7.49% to $18.65 billion from $17.35 billion during 2021, APTMA said. Textile exports recorded positive growth during the first nine months of 2022, but dipped during the last three months. According to Textiles and Apparel Policy 2020-25, textile exports target for the current year has been set at $25 billion.

Credit : Independent News Pakistan-WealthPk