Textile exports earn $12.315bn in 11 months

ISLAMABAD: The textile exports from the country during July-May (2018-19) were recorded at $12315.315 million compared to the exports of $12326.913 million of the same period of last year, showing nominal decrease of 0.09 percent, according to the latest data of Pakistan Bureau of Statistics (PBS).

The textile commodities that contributed in positively in external trade included knitwear, exports of which grew from $2453.576 million last year to $2670.581 million during the current fiscal year, showing growth of 8.84 percent.

The exports of bedwear also increased by 1.6 percent, from $2055.568 million to $2088.550 million whereas the exports of readymade garments increased by 4.16 percent, from $2342.714 million to $2440.138 million.

The exports of madeup articles (excluding towels) also grew by 0.55 percent, from $631.056  million to $634.507 million while the exports of cotton carded or combed also increased during the period under review.

Meanwhile, the textile commodities that witnessed negative growth in external trade included raw cotton, exports of which shrunk by 67.19 percent, from $57.534 million last year to $18.876 million.

The exports of cotton yarn also decreased from $1247.893 million to $1048.079 million, a decline of 16.01 percent whereas the exports of cotton cloth slid by 3.65 percent, from $2015.305 million to $1941.766 million.

Similarly, the exports of towels decreased from $737.151 million to $731.326 million, a decline of 0.79 percent while the exports of tents, canvas and tarpaulin decreased by 2.92 percent, from $79.835 million to $77.500 million.

The exports of art, silk, synthetic textile also slid by 2.79 percent, from $281.471 million to $273.630 million whereas the exports of all other textile materials decreased by 8.88 percent, from $394.652 million to $359.605 million.

On year-on-year basis, the textile exports from the country witnessed decrease of 0.69 percent in May 2019 compared to the exports of May 2018. The textile exports during May 2019 were recorded at $1187.031 million compared to the exports of $1195.301 million, the data revealed.

On month-on-month basis, the textile exports from the country, increased by 4.23 percent in May 2019 when compared to the exports of $1138.827 million recorded during April 2019.

It is pertinent to mention here that the country's merchandize trade deficit plunged by 13.62 per cent during the first eleven months of the current fiscal year compared to the corresponding period of last year.

The trade deficit contracted by 13.62 per cent to $29.207 billion during July-May (2018-19) against the deficit of $33.812 billion recorded during July-May (2017-18).

The exports during the period under review witnessed nominal decrease of 0.3% by falling from $21.330 billion during last year to $21.267 billion during the ongoing fiscal year.

On the other hand, the imports declined by 8.47 per cent to $50.474 billion during the period under review from $55.142 billion last year, the data revealed.

On year-on-year basis, the exports declined by 1.72 per cent, from $2.139 billion in May 2018 to $2.102 billion in May 2019 while the imports declined by 12.8 per cent from $5.782 billion in May 2018 to $5.042 billion in May 2019, the data revealed.