Textile exports rise 10% to $1.47bn in Sep

October 21, 2024 (MLN): The country's total textile exports rose 10.2% to $1.47bn in September 2024 compared to $1.33bn in September 2023, data released by the State Bank of Pakistan (SBP) showed.

On a month-on-month basis, the exports of the same group registered an increase of 4.4% compared to exports worth $1.41bn in August.

Cumulatively in 3MFY25, textile exports increased by 4.5% to $4.25bn compared to $4.07bn in 3MFY24.

The total exports as per BOP for September clocked in at $2.64bn, up by 8.5% compared to $2.44bn in September 2023.

Similarly, on a monthly basis, exports increased by 6.8%.

During the month, Textile Group products remained the major exportable goods for Pakistan as this group accounted for 55.6% of the total exports.

Key contributing products under the textile head were Knitwear ($377.79m), Readymade Garments ($348.77m), and Bed Wear ($255.42m).

Knitwear exports rose by 9.7%, Readymade Garments exports increased by 33.3%, and the inflow of foreign currency through Bed Wear moved up by 9.8% from last year.

The food group remained the second most contributing group in total exports. The export value of this group stood at $488.4m, a decline of 0.7% compared to $491.66m in September 2023.

On a monthly basis, the exports from the respective group also fell by 0.7% compared to $492.05m in August 2024.

Collectively in 3MFY25, the earnings from food group exports grew by 21.2%  to $1.53bn compared to $1.26bn in 3MFY24.

Under this group, Rice remained the major source of foreign exchange earnings as the export value of the commodity during September 2024 stood at $197.21m marking an increase 22.5% YoY.

The export of Oil Seeds, Nuts and Kernels stood at $47.94m in September, decreasing by 50.3% YoY while rising by 226.6% MoM compared to $96.51m in September 2023 and $14.68m in August 2024 respectively.

Copyright Mettis Link News