Textile exports fell by 4.19% MoM in December: SBP

January 17, 2024 (MLN): The country's total textile exports registered a decrease of 4.19% MoM to $1.32bn in December 2023 compared to $1.37bn recorded in the previous month, data released by the State Bank of Pakistan (SBP) showed.

Likewise, on a year-on-year basis, the exports of the same group decreased by 2.95% YoY in December 2022.

Cumulatively in 6MFY24, the textile exports declined by 9.06% YoY to $8.21bn compared to $9.03bn in 6MFY23.

The total exports as per BOP for December clocked in at $2.8bn, up by 21.28% YoY compared to $2.31bn in December 2022.

Likewise, on a monthly basis, exports increased by 2.76% MoM.

In December 2023, textile products remained the major exportable goods for Pakistan as this group accounted for 47.06% of the total export in December.

During the review month, key contributing products under the textile head were Knitwear ($332.92m), Readymade Garments ($264.66m), and Bed Wear ($214.87m).

All three heads marked a decline of 8.64%, 7.01%, and 3.25% YoY, respectively when compared to December 2022.

The food group remained the second most contributing group in total exports. The export value of this group stood at $772.78m, showing a significant growth of 97.9% YoY compared to $390.49m in December 2022.

Likewise, on a monthly basis, the exports from the respective group rose by 9.62% MoM compared to $704.97m in November 2023.

Cumulatively in 6MFY24, the earnings from food group exports increased by 49.19% YoY to $3.36bn compared to $2.26bn in 6MFY23.

Under the same group, Rice remained the major source of foreign exchange earnings as the export value of the commodity during December 2023 stood at $467.75m marking an increase of 18.46% MoM and 233.04% YoY.

The export of Oil Seeds, Nuts and Kernels stood at $31.75m in December, growing by 163.23% YoY and 47.81% MoM compared to $12.06m in December 2023 and $60.83m in November 2023 respectively.

Going forward, the exports of surgical goods & medical instruments decreased by 6.97% YoY to clock in at $37.2m.

The exports of leather manufacturers also saw a negative trend as they decreased by 6.34% YoY to $51.8m in December 2023.

Conversely, sports goods foreign earnings decreased by 5.03% YoY to $36.7m in December 2023.

However, when compared with the figure of $38.62m in November 2023, the export of sports goods has dropped by 4.98% MoM.

Copyright Mettis Link News