April 18, 2022 (MLN): Pakistan’s textile exports rose to a record high of $14.24 billion during July- March FY2022, up by 25.4% YoY, data released by the Pakistan Bureau of Statistics (PBS) showed.
In the month of March alone, textile exports stood at $1.63bn, showing a growth of 20% YoY due to strong demand in the West before the summer season, while other factors include the resumption of economic activity, which has led to a shortage of various retail brands, competitive utilities and borrowing rates.
While on monthly basis, it inched down by 3.5% MoM.
During July-March FY22, under the value-added segment, knitwear, bed-wear, readymade garments and towels registered an upsurge of 34%, 19%, 26% and 18% to $3.7bn, $2.05bn, $2.27bn and $692mn compared to the corresponding period last year.
Meanwhile, the country exported food commodities worth $4bn during 9MFY22, registering a jump of 19% YoY from $3.33bn in 9MFY21.
Commodity-wise, rice remained the primary source of foreign exchange earnings during the review period as its exports were valued at $1.79bn, up by 15% YoY. The export of fish & fish preparations and fruits inched up by 2% YoY and 4% YoY to stand at $310mn and $394mn respectively.
The export value of meat and meat preparations clocked in at $2250mn, up by only 1.18% YoY.
During 9MFY22, the export of petroleum products posted a growth of 103% to $236mn against $116mn recorded in the corresponding period last year. It was mainly led by exports of petroleum crude, standing at $179mn, depicting a growth of 185% YoY.
Going into details made available by PBS, the other manufactures group observed a 16% YoY increase during the period to $2.98bn. Under this group, the trade value of sports goods was recorded at $260mn, up by 35% YoY. The country earned $464mn through the export of leather manufactures, marking a growth of 8.5% YoY.
The exports of chemical and pharmaceutical products witnessed an increase of 29.5% to value at $1.09 during July-March FY22. The major chunk of exports under the chemical and pharma group during the said period was mainly from the other chemicals and plastic materials which clocked in at $590mn and $303mn, showing significant growth of 46% YoY and 30% YoY.
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