Textile exports registered a fall of 34.30% YoY in June: SBP

July 19, 2023 (MLN): The country's total textile export registered a fall of 34.30% YoY to $1.18bn compared to $1.80bn recorded in the same period of last year, data issued by the State Bank of Pakistan showed.

While on a monthly basis, the exports of the same group increased by 10.65% MoM in June 2023.

Cumulatively, the exports of the textile group clocked in at $16.62bn in FY23, marking a decline of 9.84% YoY, as compared to $18.44bn in FY22.

In June 2023, textile products remained the major exportable goods for Pakistan as this group accounted for 55.83% of the total exports during the review month.

During the month, key contributing products under the textile head were knitwear ($302.69 million), readymade garments ($241.25m), and bedwear ($195.90m), all three heads marked a decline of 27.70% YoY, 33.41% YoY, and 34.33% YoY, respectively when compared to June 2022.

The food group remained the second most contributing group in total exports. However, the trade value of this group stood at around $375.16m, showing a drop of 15.61% MoM and 36.21% YoY compared to $588.08m in June 2022.

Under the same group, rice remained the major source of foreign exchange earnings as the export value of rice during June 2023 stood at $161.71m marking a decline of 22.85% MoM and 50.25% YoY compared to $325.05m in June 2022.

Meanwhile, the export of fish & fish preparations stood at $40.37m in June 2023, declining by 7.64% YoY while on a monthly basis, the exports of fish registered decreased by 23.61% MoM. In FY23, exports of fish reported a decline of 10.53% to $483.71m compared to the same period last year.

Exports of surgical goods & medical instruments declined by 2.07% MoM to clock in at $38.01m while the exports of leather manufactured rose by 20.08% MoM to $52.26m. Meanwhile, the export of sports goods dropped by 16.67% MoM to $35.34m in June 2023.

The exports of chemical and pharmaceutical products increased to $123.68m, up by 19.36% MoM. While on a yearly basis, the export of the same commodity decreased by 30.27% YoY.

Cumulatively, in FY23, the exports of chemical and pharmaceutical products, leather manufacturers, and surgical goods and medical instruments manufactured products saw a decrease of 4.1%, 3.45%, and 4.19% YoY, respectively.

Moreover, the share of the Petroleum group in the country’s total export basket was only 1.38% in June 2023. During the period, the country earned $29.42m from exports of petroleum products.

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