January 15, 2021 (MLN): Pakistan’s textile exports during the month of December 2020, clocked in at $1.40 billion, up by 22.72% when compared with December 2019 and 9.20% when compared with November 2020.
This takes the total textile exports during 1HFY21 to stand at $7.44 billion, showing an increase of around 8% YoY against $6.90 billion reported in the corresponding period last fiscal year.
The data released by the Pakistan Bureau of Statistics (PBS) revealed that the rise in textile exports during 1HFY21 was mainly the result of an increase in exports of value-added segments where exports of Knitwear, Bed-wear, Towels, and Readymade garments surged respectively by 16.55% YoY, 16.38%YoY, 17.47% YoY and 5.54% YoY to $1.85 billion, $1.39 billion, $445 million and $1.49 billion compared to 6MFY20.
In the month of December alone, the exports of Knitwear, Bedwear, Towels, and Readymade garments witnessed an upsurge of 28.49% YoY, 38.92% YoY, 34.02% YoY, and 11.05% YoY to $342 million, $256 million, $83 million and $284 million respectively.
Textile imports during the month of December 2020 increased by a whopping 113% YoY and 24.64% MoM to $395 million. Within the Textile segment, Raw cotton imports jumped by a massive 549% YoY while it soared by 82% MoM.
On a cumulative basis, during 1HFY21, the import of textile-related products grew by 70% YoY to $1.66 billion primarily due to a 511% YoY increase in Raw Cotton imports to $532 million from international markets.
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