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Textile exports jump 8% YoY, 6% MoM to $1.6bn in August: PBS

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September 16, 2022 (MLN): Pakistan’s textile exports increased to $1.6bn in August’22, up by 8% YoY and 6% MoM, the latest data released by the Pakistan Bureau of Statistics (PBS) showed.

The growth in exports is attributed to backlog of orders, resumption of energy supplies, and a higher number of working days compared to July 2022.

During the month of July 2022, the government suspended the gas supplies to the export industry till Jul 09, 2022. In the month of August, these issues were resolved besides the higher number of working days amid Eid holiday in Jul 2022, Topline Securities said in a note.

As per the data, under the Value-added division, Ready-made segment remained a major outperformer with an increase of 8% MoM and 16% YoY to $330mn. Knitwear and Bedwear improved slightly by 3% and 2% MoM respectively while Towels remained flat on a MoM basis.

Meanwhile, basic textiles also witnessed a jump of 14% MoM to $293mn.

On a YoY basis, Towels and Bedwear recorded a decline of 9% YoY and 2% YoY respectively, while Knitwear improved massively by 24% YoY led by a 75% YoY increase in volumes. Exports of basic textiles remained largely flat on a YoY basis.

Cumulatively, during 2MFY23, Pakistan recorded the highest ever textile exports of $3.06bn up 4% YoY.

Going by the data, the country exported food commodities worth $366.9mn during the month under review, registering a jump of 13% YoY and 2.5% MoM.

Commodity-wise, rice, Meat, fruits, and fish & fish preparations remained the primary sources of foreign exchange earnings during the review period as their exports were valued at $143.7mn, $39.7mn, $28.9mn, and $19.4mn. The exports of rice, meat and fish witnessed a jump of 2%, 56% and 81% YoY respectively in August, while fruit exports went down by 25% YoY.

Similarly, the export of petroleum products posted growth of 34x YoY to $55.63mn in August’22. It was mainly led by exports of petroleum crude, standing at $54.8mn, up by 100% YoY, and petroleum products (excl. Top Naphta) at $1.05mn, depicting a decline of 40% YoY.

Going into details made available by PBS, the other manufactures group observed a 23% YoY increase in exports during August’22 to $3553.8mn. Under this group, the trade value of sports goods stood at $34.5mn, up by 42.6% YoY.  The country earned $15.8mn through the export of leather manufactures, marking a growth of 25% YoY.

Meanwhile, the exports of chemical and pharmaceutical products witnessed an increase of 27% YoY and 76% MoM, to value at $144.6mn during August’22. The major chunk of exports under the chemical and pharma group during the said period was mainly from the other chemicals, pharma products and plastic materials which clocked in at $85.5mn, $29.8mn, and $28.2mn. The exports of other chemicals and pharma products depicted an increase of 39% and 32% YoY respectively, while the exports of plastic materials went down slightly by 2% YoY.

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Posted on:2022-09-16T14:15:28+05:00

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