August 18, 2020 (MLN): The export bill of the textile group witnessed an increase of 32.68% MoM and 14.40% YoY to stand at $1.272 billion in the first month of FY21 i.e. July. The trade volume of textile imports into the country was recorded at $173 million, showing a decrease of around 11.51% MoM while an increase of 4.56% YoY when compared to the same period of last month and last year respectively.
The increase in textile exports is the result of the easing of lockdown and opening businesses in global economies such as the USA and European countries which are the top major export destinations for textile products. The fall in export volumes in the last four months was mainly attributable to drying up of orders due to the Covid-19 pandemic.
According to the latest data issued by the Pakistan Bureau of Statistics on export receipts by commodities, the textile products remained the major exportable goods for Pakistan as it contributed 63.6% of the total exports during July’20. It is worth highlighting that this sector is a vital source of employment and production.
On the exports front, within the textile group, the major exportable goods include Knitwear, Readymade Garments, Bed wears, and Cotton Cloth.
On a sequential basis, the exports of Cotton Cloth, Knitwear, Bed Wears, Readymade Garments went up by 14.73%, 42.61%, 46.21% and 48.25%, MoM, to $149 million, $315 million, $243 million and $274 million respectively during July’20.
The textile group accounted for 23% of the total imports during July’20 as per the data released by the Pakistan Bureau of Statistics.
Meanwhile, on imports front, the data from the Pakistan Bureau of Statistics revealed that imports of raw cotton declined significantly by 49% MoM to clock in at $52 million. While, the import volume of synthetic fibre, synthetic and artificial silk yarn increased by 49% MoM and 20.22%, valued at $38 million and $34 million respectively during July’20.
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