Textile exports cross $15bn mark in 10MFY22: SBP

May 23, 2022 (MLN): The country’s total textile exports have posted a growth of around 29% YoY to $15 billion in 10MFY22 as compared to $11.7bn in the corresponding period of FY21, data issued by the State Bank of Pakistan (SBP) showed.

In April 2022, textile products remained the major exportable goods for Pakistan as this group accounted for 50% of the total exports during the review month. The overall exports of the textile group showed a notable growth of 24% YoY to $1.58bn compared to $1.27bn recorded in the same period of last year. whereas, on MoM basis, the exports dipped by 7.27% in March 2022.

During the month, key contributing products under the textile head were knitwear ($400mn), readymade garments ($358mn), and bedwear ($239mn) with a growth of 37.15% YoY, 35.27% YoY, and 7.08% YoY, respectively when compared to April 2021.

The food group remained the second most contributing group in total exports.  However, the trade value of this group stood at around $549mn, showing a drop of 0.13% MoM while on yearly basis, it shows a surge of 25.18% YoY compared to $550mn in March 2022 and $439mn in April 2021, respectively.

Under the same group, rice remained the major source of foreign exchange earnings as the export value of rice during April 2022 stood at $299.94mn posted a decline of 4.37% MoM whereas the export of the same commodity jumped by 41.66% YoY compared to $211.73mn in April 2021.

Meanwhile, the export of fish & fish preparations stood at $45.77mn in April 2022, squeezed by 14.28% YoY while on monthly basis, the exports of fish inched up 13.34% MoM. In 10MFY22, exports of fish reported an increase of 1.45% to $351.2mn compared to the same period last year.

Exports of surgical goods & medical instruments climbed up by 13% MoM to clock in at $46.52mn while the exports of leather manufactured dropped by 1.58% MoM to $57.9mn. on the other hand, the export of sports goods inched up by 4.42% MoM to $46mn in April 2022.

Likewise, the exports of chemical and pharmaceutical products decreased to $152.26mn, down by 10.37% MoM. However, on yearly basis, the export of the same commodity increased by 30.24% YoY.

Cumulatively, during July-April FY22, the exports of chemical and pharmaceutical products, leather manufacturers, and surgical goods and medical instruments manufactured products saw an increase of 4.83%, 1.84%, and 1.47% YoY, respectively.

Moreover, the share of the Petroleum group in the country’s total export basket was only 0.74% in April 2022. During that period, the country earned $5.6mn from exports of petroleum products and $18mn from solid fuel including Naphta.

Copyright Mettis Link News