Textile exports registered a fall of 17.06% YoY in August: SBP

September 14, 2023 (MLN): The country's total textile export registered a fall of 17.06% YoY to $1.42bn in August 2023 compared to $1.71bn recorded in the same period of last year, data released by the State Bank of Pakistan (SBP) showed.

While on a monthly basis, the exports of the same group rose by 7.22% MoM in August 2023.

Cumulatively in 2MFY24, the textile exports declined by 13.11% YoY to $2.74bn compared to $3.15bn in 2MFY23.

In August 2023, textile products remained the major exportable goods for Pakistan as this group accounted for 58.45% of the total exports during the review month.

During the month, key contributing products under the textile head were knitwear ($375.64 million), readymade garments ($291.09m), and bed wear ($233.67m), all three heads marked a decline of 11.93% YoY, 14.13% YoY, and 22.37% YoY, respectively when compared to August 2022.

The food group remained the second most contributing group in total exports. The trade value of this group stood at around $392.08m, showing a drop of 9.10% YoY compared to $431.33m in August 2022.

Conversely, on a monthly basis, the exports from the respective group rose by 4.96% MoM compared to $373.55m in July 2023.

Cumulatively in 2MFY24, the earnings from food group exports declined by 6.37% YoY to $765.63m compared to $817.73m in 2MFY23.

Under the same group, rice remained the major source of foreign exchange earnings as the export value of rice during August 2023 stood at $125.24m marking a decline of 4.28% MoM and 35.37% YoY.

The export of fish & fish preparations stood at $24.83m in August 2023, down by 6.43% YoY and 30.14% MoM compared to $26.53m in August 2022 and $35.53m in July 2023 respectively.

Exports of surgical goods & medical instruments declined by 5.98% YoY to clock in at $36.21m.

However, surgical exports rose by 2.19% MoM compared to $35.43m worth of exports in July 2023.

Similarly, the exports of leather manufacturers fell by 11.26% YoY but rose by 4.20% MoM to $52.90m in August 2023.

Additionally, the export of sports goods dropped by 19.55% MoM to $30.10m in August 2023.

The exports of chemical and pharmaceutical products surged by 29.79% MoM to $121.75m in August 2023 compared to $93.80m in July 2023.

While on a yearly basis, the export of the same commodity decreased by 9.15% YoY.

Moreover, the share of the Petroleum group in the country’s total export basket was only 1.22% in August 2023.

During the period, the country earned $29.45m from exports of petroleum products, significantly up by 6.10x YoY and 2.05x MoM.

The total exports as per BOP for August clocked in at $2.42bn, up by 14.24% MoM compared to $2.12bn in July 2023.

On the other hand, the total exports on a yearly basis fell by 11.42% YoY.

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