Textile exports registered a fall of around 14% YoY in May: SBP

June 20, 2023 (MLN): The country's total textile export registered a fall of 13.79% YoY to $1.32bn compared to $1.17bn recorded in the same period of last year, data issued by the State Bank of Pakistan showed.

While on a monthly basis, the exports of the same group increased by 12.89% MoM in May 2023.

Cumulatively, the exports of the textile group clocked in at $15.43bn in 11MFY23, marking a decline of 7.18% YoY, as compared to $16.63bn in the corresponding period of FY22.

In May 2023, textile products remained the major exportable goods for Pakistan as this group accounted for 51.24% of the total exports during the review month.

During the month, key contributing products under the textile head were knitwear ($302.64 million), readymade garments ($286.28m), and bedwear ($225.56m), all three heads marked a decline of 18.33% YoY, 8.15% YoY, and 15.05% YoY, respectively when compared to May 2022.

The food group remained the second most contributing group in total exports. However, the trade value of this group stood at around $444.58m, showing a drop of 5.79% MoM and 4.62% YoY compared to $553m in May 2022.

Under the same group, rice remained the major source of foreign exchange earnings as the export value of rice during May 2023 stood at $209.61m marking a decline of 2.94% MoM and 10.59% YoY compared to $234.42m in May 2022.

Meanwhile, the export of fish & fish preparations stood at $52.85m in May 2023, rising by 23.77% YoY while on a monthly basis, the exports of fish registered a meager rise of 3.48% MoM. In 11MFY23, exports of fish reported an increase of 12.55% to $443.33m compared to the same period last year.

Exports of surgical goods & medical instruments declined by 5.73% MoM to clock in at $37.23m while the exports of leather manufactured dropped by 8.92% MoM to $43.52m. Meanwhile, the export of sports goods rose by 14.39% MoM to $42.4m in May 2023.

The exports of chemical and pharmaceutical products increased to $103.62m, up by 2.57% MoM. while on a yearly basis, the export of the same commodity decreased by 5.24% YoY.

Cumulatively, during July-May FY23, the exports of chemical and pharmaceutical products, leather manufacturers, and surgical goods and medical instruments manufactured products saw a decrease of 0.55%, 2.49%, and 3.85% YoY, respectively.

Moreover, the share of the Petroleum group in the country’s total export basket was only 0.91% in May 2023. During the period, the country earned $23.59m from exports of petroleum products.

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