Textile exports record high at $19.3bn in FY22: PBS

July 20, 2022 (MLN): Pakistan’s textile exports reached a record high of $19.3 billion in FY22, up by 25.5% YoY, compared to $15.4bn in FY21, the latest data released by the Pakistan Bureau of Statistics (PBS) showed.

The robust growth in exports is attributed to a rise in global demand post-Covid restrictions and a significant surge in cotton prices.

In the month of June’22, textile sector exports, while sustaining above the $1.5bn level, witnessed an increase of 4% MoM and 3% YoY to $1.7bn, compared to $1.6bn in the previous month and $1.65bn in June’21.

As per the data, during the month, a major increase was witnessed in the Value-added division, especially in the Readymade garment segment (15% MoM). This was followed by Knitwear (11% MoM), where a 28% increase in volumetric growth played a key role.

Similarly, the value-added segment continued to drive performance on yearly basis, as value-added exports clocked in at $1.2bn, up by 7.4% YoY despite a substantial volumetric decline of 29% on a YoY basis.

Cumulatively, in FY22, total value-added exports were recorded at $13.4bn, showing a growth of 27% YoY despite a marginal increase of 7% YoY in volumes. Within the value-added segment, key contributions came from Knitwear ($5.1bn), Bedwear ($3.3bn), Towels ($1.1bn) and Readymade Garments ($3.9bn).

Meanwhile, the country exported food commodities worth $5.4bn during FY22, registering a jump of 23% YoY from $4.4bn in FY21.

Commodity-wise, rice, fruits, and fish & fish preparations remained the primary sources of foreign exchange earnings during the review period as their exports were valued at $2.5bn, $477mn, and $430.6mn. The exports of rice and fish witnessed a jump of 23% and 4% YoY respectively, while fruit exports went down slightly by 0.6% YoY.

The export value of meat and meat preparations clocked in at $342.8mn, up by 3% YoY.

In FY22, the export of petroleum products posted a growth of 83% to $333.8mn. It was mainly led by exports of petroleum crude, and petroleum products (excl. Top Naphta) standing at $259mn, and $74.8mn, depicting a growth of 142.6% and 75.5% YoY respectively.

Going into details made available by PBS, the other manufactures group observed 18.4% YoY increase in exports during FY22 to $4.1bn. Under this group, the trade value of sports goods stood at $364.9mn, up by 31% YoY.  The country earned $37mn through the export of leather manufactures, marking a growth of 28.5% YoY.

Meanwhile, the exports of chemical and pharmaceutical products witnessed an increase of 36.5% to value at $1.57bn during 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 $871.6mn and $428.4mn, showing significant growth of 57% YoY and 33% YoY respectively.

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