Jun 24, 2019: The exports of textile and its articles from the country witnessed increase of 2.17 percent during the first ten months of the current fiscal year compared to the exports of the corresponding period of last year, State Bank of Pakistan (SBP) has reported.
The textiles exports from the country during July-April (2018-19) were recorded at $11.419 billion against the export of $11.176 billion during July-April (2017-18), showing an increase of 2.17 percent.
The textile commodities that contributed positively in external trade included articles of apparel and clothing accessories knitted, export of which grew from $2242.023 million last year to $2508.329 million during the current fiscal year, showing growth of 11.87 percent.
The exports of articles of apparel or clothing accessories (not knitted) increased by 2.22 percent, from $2069.823 million to $2115.928 million whereas the exports other made-up textile articles increased by 0.39 percent, from $3383.728 million to $3397.174 million.
The exports of knitted or crocheted fabrics grew by 25.56 percent from $23.330 million to $29.295 million while the exports of man-made filaments increased by 29.58 percent, from $17.944 million last year to $23.253 million, the data revealed.
Meanwhile, the textile commodities that witnessed negative growth in external trade included cotton, exports of which dipped by 1.57 percent, from $2974.768 million last year to $2928.057 million.
The exports of carpets and other textile floor coverings decreased from $69.815 million to $65.929 million, a decline of 5.56 percent whereas the exports of man-made staple fibers decreased by 3.14 percent, from $252.820 million to $244.865 million.
Meanwhile, The country's merchandize trade deficit plunged by 13.62 per cent during the first eleven months of the current fiscal year compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported.
The trade deficit contracted by 13.62 per cent to $29.207 billion during July-May (2018-19) against the deficit of $33.812 billion recorded during July-May (2017-18).
The exports during the period under review witnessed nominal decrease of 0.3% by falling from $21.330 billion during last year to $21.267 billion during the ongoing fiscal year.
On the other hand, the imports declined by 8.47 per cent to $50.474 billion during the period under review from $55.142 billion last year, the data revealed.
On year-on-year basis, the exports declined by 1.72 per cent, from $2.139 billion in May 2018 to $2.102 billion in May 2019 while the imports declined by 12.8 per cent from $5.782 billion in May 2018 to $5.042 billion in May 2019, the data revealed.