Textile exports rise 11.27% YoY to $1.48bn in May

June 21, 2024 (MLN): The country's total textile exports increased by 11.27% YoY to $1.48bn in May 2024 compared to $1.33bn in May 2023, data released by the State Bank of Pakistan (SBP) showed.

Likewise, on a month-on-month basis, the exports of the same group registered an increase of 13.89% MoM compared to exports worth $1.3bn in April 2024.

Cumulatively in 11MFY24, the textile exports declined by 2.69% YoY to $15.03bn compared to $15.44bn in 11MFY23.

The total exports as per BOP for May clocked in at $3.01bn, up by 17.31% YoY compared to $2.56bn in May 2023.

Likewise, on a monthly basis, exports rose by 14.24% MoM.

In May 2024, Textile Group products remained the major exportable goods for Pakistan as this group accounted for 49.14% of the total exports.

During the review month, key contributing products under the textile head were Knitwear ($343.95m), Readymade Garments ($343.04m), and Bed Wear ($260.27m).

Knitwear exports rose by 13.69%, Readymade Garments exports increased by 19.82%, and the inflow of foreign currency through Bed Wear moved up by 15.39% .

The food group remained the second most contributing group in total exports. The export value of this group stood at $595.65m, showing a significant growth of 34.54% YoY compared to $442.73m in May 2023.

Conversely, on a monthly basis, the exports from the respective group fell by 1.92% MoM compared to $607.33m in April 2024.

Collectively in 11MFY24, the earnings from food group exports rose by 50.32% YoY to $6.56bn compared to $4.36bn in 11MFY23.

Under the same group, Rice remained the major source of foreign exchange earnings as the export value of the commodity during May 2023 stood at $333.33m marking an increase of 10.81% MoM and 60.19% YoY.

The export of Oil Seeds, Nuts and Kernels stood at $6.45m in May, decreasing by 61.43% YoY and 27.99% MoM compared to $16.72m in May 2023 and $5.04m in April 2024 respectively.

Going forward, the exports of surgical goods & medical instruments rose by 9.82% YoY to clock in at $40.89m.

The exports of leather manufacturers also saw a positive trend as they went up by 20.89% YoY to $52.62m in May 2024.

Conversely, sports goods foreign earnings decreased by 9.03% YoY to $38.57m in May 2024.

However, when compared with the figure of $35.03m in April 2024, the export of sports goods has improved by 10.11% MoM.

Inflow through the chemical and pharmaceutical products increased by 31.75% YoY to $136.61m in May 2023 compared to $103.69m in SPLY.

The data further shows that the share of the Petroleum group in the country’s total export basket was only 4.16% in May 2024.

During the review period, the country earned $125.3m from exports of petroleum products, increasing by 431.18% YoY.

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