Textile exports drop 4.51% MoM to $1.37bn in February

March 20, 2024 (MLN): The country's total textile exports registered a decrease of 4.51% MoM to $1.31bn in February 2024 compared to $1.37bn recorded in the previous month, data released by the State Bank of Pakistan (SBP) showed.

Conversely, on a year-on-year basis, the exports of the same group increased by 1.72% YoY compared to exports worth $1.29bn in February 2023.

Cumulatively in 8MFY24, the textile exports declined by 6.23% YoY to $10.9bn compared to $11.62bn in 8MFY23.

The total exports as per BOP for February clocked in at $2.56bn, up by 16.24% YoY compared to $2.2bn in February 2023.

Conversely, on a monthly basis, exports fell by 5.23% MoM.

In February 2024, Textile Group products remained the major exportable goods for Pakistan as this group accounted for 51.32% of the total exports.

During the review month, key contributing products under the textile head were Knitwear ($315.03m), Readymade Garments ($300.85m), and bedwear ($221.18m).

Knitwear exports fell by 8.17%, Readymade Garments exports increased by 7.74%, and the inflow of foreign currency through bedwear moved up by 5.65% on an annual basis.

The food group remained the second most contributing group in total exports. The export value of this group stood at $638.04m, showing a significant growth of 68.11% YoY compared to $379.55m in February 2023.

Conversely, on a monthly basis, the exports from the respective group fell by 14% MoM compared to $741.89m in January 2024.

Collectively in 8MFY24, the earnings from food group exports grew by 59.56% YoY to $4.74bn compared to $2.97bn in 8MFY23.

Under the same group, Rice remained the major source of foreign exchange earnings as the export value of the commodity during February 2023 stood at $374.23m marking an increase of 15.65% MoM and 2.55x YoY.

The export of Vegetables/Leguminous Vegetables stood at $65.85m in February, growing by 4.35x YoY, while recording a monthly drop of 3.74%.

Going forward, the exports of surgical goods & medical instruments fell by 2.05% YoY to clock in at $36.39m.

The exports of leather manufacturers also saw a negative trend as they declined by 16.71% YoY to $42.98m in February 2024.

Furthermore, sports goods foreign earnings decreased by 15.95% YoY to $28.47m in February 2024.

When compared with the figure of $38.47m in January 2024, the export of sports goods has decreased by 25.99% MoM.

Inflow through the chemical and pharmaceutical products decreased by 11.64% YoY to $118.46m in February 2023 compared to $134.06m in SPLY.

The data further shows that the share of the Petroleum group in the country’s total export basket was only 1.69% in February 2024.

During the review period, the country earned $43.07m from exports of petroleum products, increasing by 4.44x YoY.

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