Textile exports fell by 5.43% MoM in November: SBP

December 18, 2023 (MLN): The country's total textile exports registered a decrease of 5.43% MoM to $1.37bn in November 2023 compared to $1.45bn 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 3.52% YoY in November 2023.

Cumulatively in 5MFY24, the textile exports declined by 10.14% YoY to $6.9bn compared to $7.67bn in 5MFY23.

The total exports as per BOP for November clocked in at $2.73bn, up by 21.53% YoY compared to $2.25bn in November 2022.

Conversely, on a monthly basis, exports declined by 1.16% MoM.

It is important to mention that the current account balance has shown a surplus of $9 million, compared to deficits of $184m in October and $157m in November 2022.

This positive current account balance comes after four consecutive months of deficits, with the last reported surplus dating back to June 2023.

In November 2023, textile products remained the major exportable goods for Pakistan as this group accounted for 50.31% of the total export in November.

During the review month, key contributing products under the textile head were Knitwear ($335.71m), Readymade Garments ($279.33m), and bedwear ($236.55m).

Knitwear and Readymade Garments marked a decline of 12.38%, 9%, respectively, while bedwear exports increased by 1.65% YoY when compared to November 2022.

The food group remained the second most contributing group in total exports. The export value of this group stood at $704.93m, showing a significant growth of 96.75% YoY compared to $358.28m in November 2022.

Likewise, on a monthly basis, the exports from the respective group rose by 11.88% MoM compared to $630.08m in October 2023.

Cumulatively in 5MFY24, the earnings from food group exports grew by 39% YoY to $2.59bn compared to $1.86bn in 5MFY23.

Under the same group, Rice remained the major source of foreign exchange earnings as the export value of the commodity during November 2023 stood at $394.84m marking an increase of 53.58% MoM and 3.34x YoY.

The export of Oil Seeds, Nuts and Kernels stood at $60.83m in November, growing by 196.31% YoY and 51.4% MoM compared to $20.53m in November 2022 and $125.18m in October 2023 respectively.

Going forward, the exports of surgical goods & medical instruments fell by 5.51% YoY to clock in at $37.43m.

The exports of leather manufacturers also saw a negative trend as they went down by 11.95% YoY to $48.81m in November 2023.

Conversely, sports goods foreign earnings increased by 9.65% YoY to $38.62m in November 2023.

However, when compared with the figure of $39.17m in October 2023, the export of sports goods has dropped by 1.41% MoM.

Inflow through the chemical and pharmaceutical products grew by 10.33% YoY to $123.64m in November 2023 compared to $112.07m in SPLY.

The data further shows that the share of the Petroleum group in the country’s total export basket was only 3.13% in November 2023.

During the review period, the country earned $85.62m from exports of petroleum products, increasing by 43.59% YoY.

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