March 16, 2021 (MLN): Pakistan’s textile exports during the month of February 2021, stood at $1.23 billion, showing a decline of 6.75% and 3.12% when compared with January 2021 and February 2020 respectively.
This was due to 10.3%, 15.7% and 5.5% MoM decline in exports of Knitwear, Readymade Garments and bed wear respectively. On a yearly basis, the exports of Knitwear jumped by 13% while exports of Readymade Garments and bed wear plunged by 15% and 1.2% respectively.
Meanwhile, cotton yarn witnessed an upsurge of 40% MoM and 23.2% YoY in February 2021.
This takes the total textile exports during 8MFY21 to clock in at $9.99 billion, showing an increase of around 6.69% YoY against $9.37 billion reported in the corresponding period last fiscal year.
The data released by the Pakistan Bureau of Statistics (PBS) revealed that the rise in textile exports during Jul-Feb FY21 was mainly the result of an increase in exports of value-added segments where exports of Knitwear, Bed-wear, Towels, and Readymade garments surged respectively by 18.04% YoY, 13.7%YoY, 16.3% YoY and 2.56% YoY to $2.47 billion, $1.82 billion, $610 million and $2.01 billion compared to 8MFY20.
Textile imports during the month of February 2021 declined by 11.18% MoM and 3.28% YoY to $345 million. Within the Textile segment, Raw cotton imports fell by 15.3% MoM and 20.3% YoY.
On a cumulative basis, during 8MFY21, the import of textile-related products grew by 47% YoY to $2.4 billion primarily due to a 123% YoY increase in Raw Cotton imports to $870 million from international markets.
