Textile exports fall by 19.57% YoY in May: PBS

June 16, 2023 (MLN): Pakistan's textile exports have increased to $1.32 billion in May 2023, showing a drop of 19.57% YoY and an increase of 7.11% MoM, the latest data released by the Pakistan Bureau of Statistics (PBS) showed.

Cumulatively, in 11MFY23, the textile exports stood at $15.03bn, witnessing a drop of 14.72% YoY compared to the same period last year.

In May 2023, raw cotton went down by 81.622% MoM to $68,000, whereas, ready-made garments and synthetic textiles rose by 8.19% MoM and 8.19% MoM, to $267.69m, and $36.22m.

Bedwear exports declined by 7.59% MoM, knitwear rose by 3.39% MoM, and towels also rose by 9.91% MoM.

While on a yearly basis, ready-made garments and knitwear exports fell by 16.78% YoY and 22.34% YoY respectively.

On the other hand, raw cotton exports surged by 2x YoY.

Likewise, food exports also recorded a slump of 17.02% MoM, and 16.46% YoY to $484.32m in the month of May as compared to $463.13m exports recorded in April 2023.

In the food group, exports of oil seeds, nuts & kernals  and rice exports witnessed a decline of 76.82% MoM, and 19.77% MoM to clock in at $3.53m and $179.59m respectively in May 2023.

On the other hand, exports of fruits witnessed a rise of 143.07% MoM to clock at $15.34m in May 2023.

On a yearly basis, a major decline was reported in oil seeds, nuts & kernals, fruits, and rice by 35.66% YoY, 14.49% YoY, and 20.12% YoY, respectively.

As per the data, petroleum exports in May 2023 increased to 2.36m and fell by 72.86% YoY.

Going into details made available by PBS, the other manufacturer’s group observed an increase of 13.07% MoM and a 3.66% YoY decline in exports during May 2023 to $311.10m.

Under this group, footwear exports stood at $12.28m, up by 3.56% YoY against $11.86m in May 2022, and chemical and pharmaceutical exports plunged by 46.44% YoY to $81.86m in May 2023.

Similarly, exports of sports goods also rose by 12.75% YoY to $31.76m in the review period.

In the same month, carpets, rugs & mats, leather tanned, and leather manufacturers’ exports went down by 39.19% YoY, 28.94% YoY, and 23.62% YoY to stand at $4.09m, $13.01m, and $39.24m, respectively.

The exports of engineering goods inched down by 10.74% YoY, to stand at $20.88m as compared to $20.69m exports in April 2023 whereas, on a monthly basis, it reduced by 0.87% MoM in the said period.

Commodity-wise, electric fans, transport equipment, electrical machine, and auto parts and accessories exports clocked in at $3.90m, $3.44m, $2.48m, and $1.47m.

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