Pakistan exported textile products worth $6,88 billion during the initial five months of the current financial year (2023-24), VOS News reported quoting the Pakistan Bureau of Statistics (PBS).
The exports of the product however witnessed a decline of 6.50 percent during July-November (2023-24) when compared to the exports of $7,361,914 million during July-November (2022-23).
The textile commodities that witnessed positive growth in trade included raw cotton, the exports of which grew by 253.10 percent, from $11.253 million last year to $39.733 million this year.
Likewise, the exports of cotton yarn increased by 50.30 percent, from $328.197 million last year to $493.277 million this year, cotton carded or combed by 22.86 percent, from $0.477 million to $0.586 million and towels by 0.74 percent, from $409.510 million to $412.544 .
The textile commodities that witnessed negative growth include cotton cloth, the exports of which declined by 13.35 percent, from $903.685 million to $783.087 million, yarn other than cotton yarn by 11.47 percent, from $19.455 million to $17.223 million, and knitwear by 13.11 percent, from $2,112.818 million to $1,835.782 million.
Likewise, the exports of bed wear declined by 5.62 percent from $1,219.307 million to $1,150.777 million, tents, canvas and tarpaulin by 5.72 percent, from $51.514 million to million, $48.568 , ready-made garments by 9.45 percent, from $1,513.719 million to $1,370.736 million.
The exports of art, silk and synthetic textile also decreased by 18.55 percent by declining from $179.327 million to $146.068 million, madeup articles by 4.72 percent, from $307.390 million to $292.889 million whereas the exports of all other textile materials also went down by 4.23 percent, from $305.261 million to $292.345 million.
Meanwhile, on year –on-year basis, the textile exports declined by 7.21 percent by falling from $1,420.921 million in November 2022 to $1,318.536 million in November 2023.
On month-on-month basis, the exports declined by 8.26 percent when compared to exports of $107.009 million in October 2023.
It is pertinent to mention here that country’s merchandize trade deficit contracted by 33.59 per cent during the first five months of the current fiscal year compared to the corresponding period of last year.
The Trade deficit from July-November (2023-24) was recorded at $9.378 billion as against the deficit of $14.122 billion in July–November (2022-23), showing negative growth of 33.59 per cent.
During the period under review, the exports increased by 1.93 per cent to $12.172 billion compared to the exports of $11.942 billion during the corresponding period of last year, according to the latest PBS data.
On the other hand, the imports narrowed by 17.32 per cent and were recorded at $21.550 billion compared to $26.064 billion last year.
