Textile exports fall by 16.47% YoY to $1.36bn in December 2022

January 20, 2023 (MLN): Pakistan’s textile exports decreased to $1.36bn in December 2022, plunged by 16.47% YoY, and 4.56% MoM, the latest data released by the Pakistan Bureau of Statistics (PBS) showed.

In the backdrop of economic uncertainty and the energy crisis, the export number during 1HFY23 plummeted by 7% YoY to $8.7bn against $9.4bn in the corresponding period last year.

In 1HFY23, exports mainly declined in cotton yarn, yarn other than cotton yarn, and bedwear which is 37%, 20%, and 14% YoY, respectively.

In December 2022 alone, the major decline is witnessed in yarn other than the cotton yarn segment which decreased by 31.15% MoM, to $3.25mn, tents, canvas & tarpaulin by 27.09% MoM to $10.32mn, and knitwear by 11.63% MoM to $353.67mn.

Similarly, the towels segment also depicted a decline of 11.29% MoM to $82.19mn.

On yearly basis, cotton yarn, yarn other than cotton yarn, art, silk & synthetic textile, tents, canvas & tarpaulin, and knitwear decreased by 49.92%, 37.44%, 26.06%, 26.04%, and 19.54% YoY respectively.

Going by the data, food exports from the country in December 2022 stood at around $398.53mn decline of 25.31% YoY, and 8.25% MoM from $533.56mn in December 2021 and $434.34mn in November 2022, respectively.

Commodity-wise, the export of tobacco, oil seeds, nuts and kernals, and fish & fish preparations witnessed a decline of 49.40% MoM, 41.02% MoM, and 23.42% MoM to clock in at $3.26mn, $10.62mn, and $39.21mn in December 2022, respectively.

On yearly basis, tobacco showed a decrease of 71.68%, oil seeds, nuts, and kernals by 58.79%, vegetables by 53.41%, and rice by 25.71% during the review period.

Meanwhile, the export of petroleum products increased by 52.72% YoY to $43.91mn in December 2022. It was mainly led by exports of petroleum crude, which rose by 68.39% YoY.

On the other hand, petroleum products (excl. Top Naphta) exports plummeted by 69.21 YoY to stand at $1mn.

Going into details made available by PBS, the other manufacturer’s group observed a 3.73% YoY decrease in exports during December 2022 to $313.67mn. Under this group, the trade value of leather tanned stood at $12.38mn, decreased by 27.85% YoY.

Similarly, the carpets, rugs & mats export down by 23.27% YoY to $5.24mn as compared to $6.83mn in the same period last year.

Meanwhile, the exports of jewelry decreased by 31.51% YoY in December 2022 to clock in at $0.51mn and on monthly basis, exports remained flat.

Engineering goods exports decreased in the following month as trade value stood at $18.73mn, slipped by 20.18% MoM, as compared to $23.47mn exports recorded in November 2022.

On the other hand, engineering exports moved up by 19.59% YoY in the following period.

Under the engineering goods, in December 2022 the export of transport equipment decreased by 79.55% MoM and 65.29% YoY, and the export of other machinery increased by 36.77% MoM to stand at $7.79mn in December 2022.

Copyright Mettis Link News