Textile group: Jul-Nov exports decline 6.5pc to $6.88bn YoY

ISLAMABAD: The country’s textile group exports declined by around 6.50 percent during the first five months (July-November) of the current fiscal year and stood at $6.883 billion compared to $7.361 billion during the same period of 2022-23, Pakistan Bureau of Statistics (PBS) said.

The country’s overall exports during July-November fiscal year 2023-24 totaled $12.172 billion (provisional) against $11.942 billion during the corresponding period of last year showing an increase of 1.93 percent.

The data on exports and imports released by the PBS revealed that on a month-on-month (MoM) basis, textile exports registered 8.26 percent negative growth in November 2023 and stood at $1.318 billion compared to $1.437 billion in October 2023. On a year-on-year (YoY) basis, textile exports decreased by 7.21 percent in November 2023 when compared to $1.420 billion in November 2022.

July-May textile group exports fall 14.72pc to $15.029bn YoY

The exports in November 2023 were $2.573 billion (provisional) as compared to $2.690 billion in October 2023 showing a decrease of 4.35 percent but increased by 7.70 percent as compared to $2.389 billion in November 2022.

Cotton yarn exports increased by 50.30 percent during the first five months of the current fiscal year as it stood at $493.277 million compared to $328.197 million during the same period of last fiscal year.

On a year-on-year basis, cotton yarn exports registered 99.88 percent growth and stood at $85.713 million when compared to $42.882 million, while on a MoM basis, it registered seven per cent negative growth when compared to $92.160 million in October 2023.

Rice exports increased by 49.37 percent during the first five months of the current fiscal year and stood at $1.119 million when compared to $749.407 million during the same period of the last fiscal year.

Food group exports increased by 37.12 percent during the first five months of the current fiscal year and stood at $2.640 billion when compared to $1.925 billion during the same period of last fiscal year.

The main commodities of exports during November 2023 were knitwear (Rs 100,765 million), rice others (Rs 99,240 million), readymade garments (Rs 81,960 million), bed wear (Rs 58,701 million), cotton cloth (Rs 39,274 million), cotton yarn (Rs 24,473 million), towels (Rs 21,287 million), rice basmati (Rs 17,429 million), madeup articles (excl towels and bedwear) (Rs 16,656 million) and oil seeds, nuts and kernals (Rs 12,414 million).

Copyright Business Recorder, 2023