Textile exports edge lower to $1.41bn in August 2024

September 18, 2024 (MLN): The country's total textile exports dropped by a meager 0.57% to $1.41 billion in August 2024 compared to $1.42bn in August 2023, data released by the State Bank of Pakistan (SBP) showed.

Conversely, on a month-on-month basis, the exports of the same group registered an increase of 2.25% compared to exports worth $1.38bn in July 2024.

Cumulatively in 2MFY25, the textile exports increased by 1.75% to $2.78bn compared to $2.74bn in 2MFY24.

The total exports as per BOP for August clocked in at $2.49bn, up by 2.9% compared to $2.42bn in August 2023.

Likewise, on a monthly basis, exports grew by 4.8% MoM.

In August 2024, Textile Group products remained the major exportable goods for Pakistan as this group accounted for 56.56% of the total exports.

During the review month, key contributing products under the textile head were Knitwear ($378.83m), Readymade Garments ($326.97m), and Bed Wear ($236.3m).

Knitwear exports rose by 0.82%, Readymade Garments exports increased by 12.33%, and the inflow of foreign currency through Bed Wear moved up by 1.13%.

The food group remained the second most contributing group in total exports. The export value of this group stood at $492.05m, showing a significant growth of 25.5% YoY compared to $392.07m in August 2023.

Conversely, on a monthly basis, the exports from the respective group fell by 9.72% MoM compared to $545.01m in July 2024.

Collectively in 2MFY25, the earnings from food group exports rose by 35.45% YoY to $1.04bn compared to $765.62m in 2MFY24.

Under the same group, Rice remained the major source of foreign exchange earnings as the export value of the commodity during August 2024 stood at $205.11m marking a drop of 11.16% MoM, while rising 63.78% YoY.

The export of Oil Seeds, Nuts and Kernels stood at $14.68m in August, declining by 46.3% but increasing 52.93% compared to $27.33m in August 2023 and $9.6m in July 2024 respectively.

Going forward, the exports of surgical goods & medical instruments grew by 6.49% YoY to clock in at $38.56m.

The exports of leather manufacturers saw a negative trend as they declined by 1.43% YoY to $52.15m in August 2024.

Conversely, sports goods foreign earnings increased by 7.63% YoY to $32.4m in August 2024.

However, when compared with the figure of $36.88m in July 2024, the export of sports goods decreased by 12.14% MoM.

Inflow through the chemical and pharmaceutical products rose by 16.9% to $142.32m in August 2024 compared to $121.75m in SPLY.

The data further shows that the share of the Petroleum group in the country’s total export basket was only 1.71% in August 2024.

During the review period, the country earned $42.53m from exports of petroleum products, increasing by 44.43% YoY.

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