March 16, 2022 (MLN): Pakistan’s textile exports were recorded at $12.61bn during July- February FY2022, up by 26% YoY, the latest data released by the Pakistan Bureau of Statistics (PBS) showed.
In the month of February alone, textile exports stood at $1.67bn, showing a growth of 35.7% YoY While on monthly basis, it increased by 8% MoM, the second-highest monthly exports led by the value-added segment.
The year-on-year increase in exports is due to strong demand in the West before the summer season, while other factors include the resumption of economic activity, which has led to a shortage of various retail brands, competitive utilities and borrowing rates.
In the value-added segment, knitwear, bed-wear, readymade garments and towels registered an upsurge of 33.86%, 20%, 25% and 17% to $3.3bn, $2.2bn, $2.5bn and $716mn during July-February FY22 compared to the corresponding period last year.
Meanwhile, the country exported food commodities worth $3.4bn during 8MFY22, registering a jump of 20% YoY from $2.85bn in 8MFY21.
Commodity-wise, rice remained the primary source of foreign exchange earnings during the review period as its exports were valued at $1.54bn, up by 15% YoY. The export of fish & fish preparations and fruits inched up by 6.5% YoY and 6.9% YoY to stand at $267mn and $363mn respectively.
The export value of meat and meat preparations clocked in at $221mn, up by only 2.8% YoY.
During July-February FY22, the export of petroleum products posted a growth of 60% to $184mn against $116mn recorded in the corresponding period last year. It was mainly led by exports of petroleum crude, standing at $133mn, depicting a growth of 113% YoY.
Going into details made available by PBS, the other manufactures group observed a 19.4% YoY increase during the period to $2.64bn. Under this group, the trade value of sports goods stood at $228mn, up by 35% YoY. The country earned $422mn through the export of leather manufactures, marking a growth of 10.5% YoY.
The exports of chemical and pharmaceutical products witnessed an increase of 38% to value at $960mn during July-February FY22. The major chunk of exports under the chemical and pharma group during the said period was mainly from the other chemicals and plastic materials which clocked in at $515mn and $267mn, showing significant growth of 70.3% YoY and 27.3% YoY.
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