February 16, 2022 (MLN): Pakistan’s textile exports have touched a historic high of $11bn during 7MFY22, up by 25% YoY, data released by the Pakistan Bureau of Statistics (PBS) showed today.
In the month of January alone, textile exports remained above the $1.5bn level as it recorded at $1.55bn, up by 17% YoY. While on monthly basis, it declined by 4% MoM led by lower exports of the value-added segment.
The year-on-year increase in the said exports is due to the strong pent-up demand ahead of the summer season in the West while other factors include resumption of normal economic activities which led to shortages at various retail brands, competitive utility and borrowing rates, as well as continued US-China trade rift, have favoured Pakistan, a report by Intermarket Securities (IMS) said.
In the value-added segment, knitwear, bed-wear, readymade garments and towels registered an upsurge of 33%, 19%, 22% and 15.4% to $2.9bn, $1.9bn, $2.2bn and $615.3mn during July-January FY22 compared to the corresponding period last year.
Meanwhile, the country exported food commodities worth $2.95bn during 7MFY22, registering a jump of 21% YoY from $2.4bn in 7MFY21.
Commodity-wise, rice remained the primary source of foreign exchange earnings during the review period as its exports were valued at $1.28bn, up by 11% YoY. The export of fish & fish preparations and fruits inched up by 5% YoY and 11% YoY to stand at $231.6mn and $320.3mn respectively.
The export value of meat and meat preparations clocked in at $191.9mn, up by only 2% YoY.
During July-Jan FY22, the export of petroleum products posted a growth of 62% to $155.2mn against $95.7mn recorded in the corresponding period last year. It was mainly led by exports of petroleum crude, standing at $133.3mn, depicting a growth of 205% YoY.
Going into details made available by PBS, the other manufactures group observed a 15% YoY increase during the period to $2.2bn. Under this group, the trade value of sports goods stood at $192mn, up by 29% YoY. The country earned $371mn through the export of leather manufactures, marking a growth of 9% YoY.
The exports of chemical and pharmaceutical products witnessed an increase of 27% to value at $790.5 million during July-Jan FY22. The major chunk of exports under the chemical and pharma group during the month was mainly from the other chemicals and plastic materials which clocked in at $415.6mn and $219.9mn, showing significant growth of 51% and 18% YoY.
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