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Textile exports rise 10.3% YoY to $1.3bn in April

Tax rate for TIER-I textile
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May 17, 2024 (MLN): The country's total textile exports increased by 10.3% YoY to $1.3 billion in April 2024 compared to $1.18bn in April 2023, data released by the State Bank of Pakistan (SBP) showed.

Conversely, on a month-on-month basis, the exports of the same group registered a decrease of 4.62% MoM compared to exports worth $1.36bn in March 2024.

Cumulatively in 10MFY24, the textile exports declined by 4% YoY to $13.55bn compared to $14.12bn in 10MFY23.

The total exports as per BOP for April clocked in at $2.63bn, up by 23.37% YoY compared to $2.13bn in April 2023.

Likewise, on a monthly basis, exports grew by 4.19% MoM.

In April 2024, Textile Group products remained the major exportable goods for Pakistan as this group accounted for 49.3% of the total exports.

During the review month, key contributing products under the textile head were Readymade Garments ($304.97m), Knitwear ($302.11m), and Bed Wear ($210.63m).

Readymade Garments exports rose by 19%, Knitwear exports increased by 6.96%, and the inflow of foreign currency through bedwear moved up by 5.5%.

The food group remained the second most contributing group in total exports. The export value of this group stood at $607.33m, showing a significant growth of 28.72% YoY compared to $471.81m in April 2023.

Conversely, on a monthly basis, the exports from the respective group fell by 0.61% MoM compared to $611.08m in March 2024.

Collectively in 10MFY24, the earnings from food group exports increased by 52.1% YoY to $5.96bn compared to $3.92bn in 10MFY23.

Under the same group, Rice remained the major source of foreign exchange earnings as the export value of the commodity during April 2023 stood at $373.71m marking an increase of 11.41% MoM and 73.13% YoY.

The export of Oil Seeds, Nuts and Kernels stood at $5.04m in April, declining by 86.09% YoY and 11.57% MoM compared to $36.21m in April 2023 and $5.7m in March 2024 respectively.

Going forward, the exports of surgical goods & medical instruments declined by 3.44% YoY to clock in at $38.14m.

The exports of leather manufacturers also saw a positive trend as they went up by 5.19% YoY to $50.27m in April 2024.

Conversely, sports goods foreign earnings dropped by 1.91% YoY to $35.03m in April 2024.

However, when compared with the figure of $37.41m in March 2024, the export of sports goods has dropped by 6.36% MoM.

Inflow through the chemical and pharmaceutical products grew by 15.78% YoY to $119.99m in April 2024 compared to $103.63m in SPLY.

The data further shows that the share of the Petroleum group in the country’s total export basket was only 1.28% in April 2024.

During the review period, the country earned $33.69m from exports of petroleum products, increasing by 12.34% YoY.

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Posted on: 2024-05-17T17:00:13+05:00