Exports of Textile and Manufactured items decline 19% and 14% YoY in July'20: SBP

August 26, 2020 (MLN): Pakistan’s overall exports performance during the first month of FY21 i.e. July 2020 showed a decline of 15% YoY, to $1.89 billion as compared to $2.2 billion recorded during July FY20.

According to the data issued by State Bank of Pakistan (SBP) on export receipts by commodities, the Textile products remained the major exportable goods for Pakistan as it accounted 52% of the total exports during the month.  The overall exports of the textile group witnessed a decline of 19% YoY to $989.16 million. Within the textile group, the major exportable goods include Knitwear, Readymade Garments, Bedwears and Cotton Cloth.

The exports of Knitwear shrank by 14% YoY to $225.7 million, exports of Readymade Garments by 25% YoY to $181.9 million. Moreover, the exports of Bedwear and Cotton Cloth dipped by 14% and 24% YoY to $174.68 million and $149.4 million respectively during the month under review.

Food products emerged as the second leading exportable commodities accounted for 18% of the total exports. Rice and Fruits were the major sources of Foreign exchange earnings as their exports during the month recorded at $166.5 million, down by 8% YoY and $36.57 million, depicting a decline of 24% YoY respectively.

The share of other Manufactured goods in the country’s total exports was 16% during the month. The key exportable manufactured items include Chemical and Pharmaceutical products, Sports goods, Leather goods and Surgical goods and medical instruments respectively. Exports of Surgical Goods & Medical Instruments and the goods that made up of leather such as leather garments, leather gloves and other leather manufactures surged by 9% and 11% YoY to lock in at $41.9 million and $43 million respectively. Whereas, the exports of Chemical and Pharmaceutical Products and Sports Goods declined by 18% and 11% YoY to $86.2 million and $42.6 million respectively.

Moreover, the share of Petroleum group in the country’s total export basket was hardly 1% during July’20. The country earned $1.756 million from exports of Petroleum Crude, $2 million from Petroleum Products and $17million earned from the exports of Solid Fuel including Naphta. In addition to this, the total foreign exchange earnings from the exports of these products declined significantly by 61% YoY to $20.8 million from $52.86 million in July FY19.

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