Textile exports fall by 14.83% YoY in January: PBS

February 20, 2023 (MLN): Pakistan's textile exports have decreased to $1.32 billion in January 2023, showing a drop of 14.83% YoY and 2.53% MoM, the latest data released by the Pakistan Bureau of Statistics (PBS) showed.

Cumulatively, in 7MFY23, the textile exports stood at $10bn, witnessing a drop of 8% YoY compared to the same period last year.

In January 2023, cotton carded or combed, made-up articles, ready-made garments, and knitwear exports went down by 58.43% MoM, 20.88% MoM, 8.24% MoM, and 4.77% MoM to $0.14 million, $56.39mn, $292.84mn, and $336.81mn.

On the other hand, raw cotton increased by 100% MoM, cotton yarn by 27.22%, and tents, canvas & tarpaulin by 18.98% MoM.

While on a yearly basis, raw cotton, yarn other than cotton yarn, and cotton cloth exports nosedived by 70.23% YoY, 40.08% YoY, and 26.70% YoY, respectively.

Likewise, food exports also recorded a slump of 3.63% MoM, and 18.43% YoY to $384.06mn as compared to $398.53mn exports recorded in December 2022, and $470.82mn in January 2022.

In the food group, exports of oil seeds, nuts & kernals, fruits, and rice exports witnessed a decline of 33.29% MoM, 20.71% MoM, and 12.94% MoM to clock in at $7.09mn, $36.11mn, and $155.39mn in January 2023.

On a yearly basis, a major decline was reported in fruits, rice, and spices by 50.57% YoY, 29.39% YoY, and 21.59% YoY, respectively.

As per the data, petroleum exports in the month of January 2023 were reduced by 96.66% MoM and 95.52% YoY to $1.47mn as compared to $43.91mn recorded in December 2022.

Commodity-wise, the exports of petroleum products jumped by 45.63% MoM as compared to $1mn recorded in the last month.

On the contrary, the exports of the same commodity climbed up by 76% YoY in the following month.

Going into details made available by PBS, the other manufacturer’s group observed a 10.04% MoM, and a 5.83% YoY rise in exports during January 2023 to $345.17mn.

Under this group, footwear exports augmented to $16.58mn, up by 31.08% YoY against $12.65mn in January 2022, and chemical and pharmaceuticals exports improved by 27.45 YoY to $143.06mn in January 2023.

Similarly, exports of sports goods also surged by 14.84% YoY to $33.39mn in the following month.

In the same month, carpets, rugs & mats, leather tanned, and leather manufacturers exports went down by 45.19% YoY, 19.16% YoY, and 7.48% YoY to stand at $4.64mn, $13.48mn, and $47.83mn, respectively.

The exports of engineering goods inched up by 5.58% MoM, to stand at $19.78mn as compared to $18.73m exports in December 2022 whereas, on yearly basis, it reduced by 17.24% YoY in the said period.

Commodity-wise, electric fans, transport equipment, other electrical machine, auto parts, and accessories exports clocked in at $2.15mn, $0.76mn, $3.81mn, and $1.82mn.

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