Textile exports registered a fall of 17.07% YoY in September: SBP

October 19, 2023 (MLN): The country's total textile export registered a fall of 17.07% YoY to $1.33bn in September 2023 compared to $1.61bn recorded in the same period of last year, data released by the State Bank of Pakistan (SBP) showed.

Similarly, on a monthly basis, the exports of the same group dropped by 5.82% MoM in September 2023.

Cumulatively in 3MFY24, the textile exports declined by 14.51% YoY to $4.07bn compared to $4.76bn in 3MFY23.

The total exports as per BOP for September clocked in at $2.47bn, up by 1.52% YoY compared to $2.44bn in September 2022.

Similarly, the total exports on a monthly basis went up by 2.02% MoM.

It is important to mention that the current account deficit for September 2023 shrank significantly by 95.1% MoM to stand at just $8 million compared to the deficit of $164m in August 2023.

In September 2023, textile products remained the major exportable goods for Pakistan as this group accounted for 53.87% of the total exports during the review month.

During the month, key contributing products under the textile head were knitwear ($344.5m), readymade garments ($261.71m), and bed wear ($232.33m).

All three heads marked a decline of 21.63% YoY, 13.68% YoY, and 14.13% YoY, respectively when compared to September 2022.

The food group remained the second most contributing group in total exports. The trade value of this group stood at around $491.59m, showing a significant growth of 34.43% YoY compared to $365.69m in September 2022.

Similarly, on a monthly basis, the exports from the respective group rose by 25.38% MoM compared to $392.08m in August 2023.

Cumulatively in 3MFY24, the earnings from food group exports increased by 6.24% YoY to $1.26bn compared to $1.18bn in 3MFY23.

Under the same group, rice remained the major source of foreign exchange earnings as the export value of rice during September 2023 stood at $160.93m marking an increase of 28.50% MoM and 8.36% YoY.

The export of Oil Seeds, Nuts and Kernals stood at $96.54m in September 2023, soared by 4.2x YoY and 3.53x MoM compared to $22.3m in September 2022 and $27.33m in August 2023 respectively.

Exports of surgical goods & medical instruments declined by 6.44% YoY to clock in at $36.35m.

Conversely, surgical exports inched up by 0.38% MoM compared to $36.21m worth of exports in August 2023.

The exports of leather manufacturers fell by 21.33% YoY and 8.39% MoM to $48.46m in September 2023.

Additionally, the export of sports goods dropped by 18.67% YoY to $34.93m in September 2023.

However, when compared with the figure of $30.14m in August 2023, the export of sport goods has improved by 16.02% MoM.

The exports of chemical and pharmaceutical products plunged by 19.51% YoY to $115.27m in September 2023 compared to $143.22m in SPLY.

Moreover, the share of the Petroleum group in the country’s total export basket was only 1.14% in September 2023.

During the period, the country earned $28.24m from exports of petroleum products, significantly up by 4.96x YoY, while on a monthly basis, down by 4.09% MoM.

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