Textile exports reach $10.36bn in 7MFY22: SBP

February 25, 2022 (MLN): The country’s total textile exports have posted a growth of 32% YoY to around $10.36 billion during the seven months (July-Jan) of the current fiscal year as compared to $7.86bn in the corresponding period of FY21, data issued by the State Bank of Pakistan (SBP) on Thursday showed.

During the month of January 2022 alone, textile products remained the major exportable goods for Pakistan as this group accounted for 58% of the total exports during the review month. The overall exports of the textile group showed a notable growth of 21% YoY to $1.44bn compared to $1.2bn recorded in the same period of last year. whereas, on MoM basis, the exports dipped by 13.7% in December 2021.

During January 2022, key contributing products under textile head were knitwear ($345mn), readymade garments ($292mn), bedwear ($255mn), and cotton yarn ($99mn) with a growth of 37.20% YoY, 31.82% YoY, 26.71% YoY, and 13.57% YoY, respectively when compared to January 2021.

The food group remained the second most contributing group in total exports.  However, the trade value of this group stood at around $428mn, showing a drop of 18.48% MoM and 10.57% YoY compared to $525mn in December 2021 and $440mn in January 2021, respectively.

Under the same group, rice remained the major source of foreign exchange earnings as the export value of rice during January 2022 stood at $225mn posted a decline of 18.71% MoM and 2.98% YoY.

Meanwhile, the export of fish & fish preparations stood at $38.39mn in January 2022, squeezed by 29.58% MoM and 2.36% YoY. On the contrary, exports of fish during the seven months of FY22 reported an increase of 1.5% to $219.32mn compared to the same period last year.

Exports of surgical goods & medical instruments plunged by 35% MoM to clock in at $30.5mn in while the exports of leather manufactured dropped by 33% MoM to $44mn. Similarly, the export of sports goods posted a decline of 11% to $41.2mn in January 2022.

Likewise, the exports of chemical and pharmaceutical products decreased to $108mn, down by 4.77% MoM and 3.5% YoY.

Cumulatively, during July-Jan FY22, the exports of chemical, pharmaceutical products and leather goods and surgical goods and medical instruments manufactured products saw an increase of 5.4%, 17.3%, and 0.27% YoY, respectively.

Moreover, the share of the Petroleum group in the country’s total export basket was only 1.6% during January 2022. During that period, the country earned $23mn from exports of petroleum crude, $13.6mn from solid fuel including Naphta and $3.7mn from petroleum products.

In addition to this, the total foreign exchange earnings from the exports of these products declined significantly by 42% YoY to $41.2mn.

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