June 17, 2022 (MLN): After touching a record high level last month, Pakistan’s textile exports witnessed a fall of 5.6% in the month of May 2022 to $1.64 billion, while sustaining above the $1.5bn level since October’21, the latest data released by the Pakistan Bureau of Statistics (PBS) showed.
“Although the robust growth in exports is attributed to orders placed in anticipation of strong summer demand, the sequential decline is owing to gas shortages due to non-availability of LNG and Eid festivities during the month”, analyst at Intermarket Securities said.
As per the data, the major decline was witnessed in Knitwear exports, down by 12% MoM to $428mn. Exports of other value-added segments such as Ready-made garments, Towel and bed wear also went down by 8% MoM 15% MoM and 1% MoM to $322mn, $92mn, and $281mn respectively.
However, on a yearly basis, textile exports witnessed a surge of 56% from $1bn in May’21.
During the eleven months (July-May) of the current fiscal year, textile exports posted a growth of 28% YoY to $17.6bn when compared to $13.7bn recorded in 11MFY21.
In the value-added segment, knitwear, readymade garments, bed-wear, and towels registered an upsurge of 50.8%, 65%, 55.4%, and 49%, YoY to $428mn, $321.6mn, $281.3mn and $92.2mn during May 2022 compared to the same month last year.
Cumulative exports of value-added segments in May’22 rose by a handsome 56% YoY on average, led by the readymade garments and bedwear segments. In terms of volumes, that of readymade garments increased by a sharp 73% YoY owing to low base due to depressed demand as lockdowns prevailed in the West, while that of knitwear remained flat YoY.
Meanwhile, the country exported food commodities worth $461.7mn during May 2022, registering a jump of 90% YoY while declined by 9.4% MoM.
Commodity-wise, rice and fish & fish preparations remained the primary sources of foreign exchange earnings during the review period as their exports were valued at $224.7mn and $40.6mn, up by 112% and 30% YoY respectively.
The export value of meat and meat preparations clocked in at $27.5mn, up by 4% YoY.
In May 2022, the export of petroleum products posted a growth of 121.7% to $8.7mn. It was mainly led by exports of petroleum products (excluding Naphta) and petroleum crude, standing at $7.7mn, and $0.94mn, depicting a growth of 100% and 98% YoY respectively.
Going into details made available by PBS, the other manufactures group observed a 36.6% YoY increase during the moth to $323mn. Under this group, the trade value of sports goods stood at $33mn, up by 24% YoY. The country earned $18.3mn through the export of leather manufactures, marking a growth of 17% YoY.
The exports of chemical and pharmaceutical products witnessed an increase of 108.4% to value at $122.3mn during May 2022. 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 $55.8mn and $47mn, showing significant growth of 112% YoY and 108% YoY respectively.
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