January 20, 2020 (MLN): Pakistan’s textile exports during Jul- Dec FY20 have increased by 4% YoY as shipments in the first six months increased to $ 6.9 billion from $6.64 billion during the corresponding period of last year.
According to the latest data issued by State Bank of Pakistan (SBP) on export receipts by commodities, the textile products remained the major exportable goods for Pakistan as it accounted 60% of the total exports during the period.
In the month of December alone, textile exports declined by 3% MoM whereas, it remained stagnant when it compared with the figures of Dec 2018.
Within the textile group, the major exportable goods during Jul- Dec FY20 include Knitwear, Readymade Garments, Bedwears and Cotton Cloth.
The exports of Knitwear, Readymade Garments and Bed Wear surged by 7.59%, 12% and 3.16% YoY to $1.58 billion, $1.4 billion and $1.19 billion respectively. Whereas, the exports of Cotton Cloth dipped by 3.7% YoY to $1 billion during the period under review.
On the other hand, Pakistan imported $979.4 million worth of textile products from foreign countries, marking a significant decline of 27% YoY during the period mentioned above.
Meanwhile, in the month of December, textile imports witnessed a significant decline of 22%YoY and 2%MoM.
Synthetic & Artificial Silk Yarn and Synthetic Fibre appared as the major import items within the group, their imports during the period declined massively by 10% and 22% YoY.
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