Textile exports plunge by 18.4% MoM in March'20

April 17, 2020 (MLN): Pakistan’s exports performance remained depressing during Jul-March FY20, as it only increased by a mere 2% YoY to $17.45 billion as compared to $17 billion recorded during Jul-March FY19.

According to the data issued by Pakistan Bureau of Statistics (PBS) 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.  The overall exports of textile group witnessed a mere 4.2% YoY surge to $10.4 billion against $9.9 billion in the corresponding period of last year. Within the textile group, the major exportable goods include Knitwear, Readymade Garments, Bedwears and Cotton Cloth.

The exports of Knitwear rose by 6.7% YoY to $2.3 billion while the exports of Readymade Garments surged by 10.98% YoY to $2.17 billion. Moreover, the exports of Bedwear witnessed a sluggish growth of 2.4%YoY to $1.7 billion, whereas, Cotton Cloth dipped by 3%YoY to $1.59 billion during the period under review.

On the other hand, the import bill of the textile group during Jul-March FY20 shrank by 14.34% YoY to $1.9 billion compared to $2.23 billion in the corresponding period last year.

According to the data, the main products during the period that contributed in declining Textile’s import bill were Synthetic & Artificial Silk Yarn and Synthetic Fibre as their imports declined by 11.4% and 20.6% YoY respectively to $429.9 million and $339 million.

In the month of March alone, textile exports declined significantly by 18.4% MoM and 4.46% YoY to $1 billion. Similarly, its imports also nosedived notably by 20.6% MoM and 10.8% YoY to $283.8 million.

It is pertinent to mention that the notable month over month decline in imports and exports was mainly due to the shuttering of economies globally amid COVID-19 pandemic.

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