Textile exports rise 3.56% YoY to $1.36bn in March

MG News | April 22, 2024 at 05:31 PM GMT+05:00
April 22, 2024 (MLN): The country's total textile exports increased by 3.56% YoY to $1.36 billion in March 2024 compared to $1.31bn in March 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 4.45% MoM compared to exports worth $1.3bn in February 2024.
Cumulatively in 9MFY24, the textile exports decreased by 5.31% YoY to $12.25bn compared to $12.94bn in 9MFY23.
The total exports as per BOP for March clocked in at $2.52bn, up by 4.01% YoY compared to $2.42bn in March 2023.
Conversely, on a monthly basis, exports fell by 0.59% MoM.
In March 2024, Textile Group products remained the major exportable goods for Pakistan as this group accounted for 54.04% of the total exports.
During the review month, key contributing products under the textile head were Knitwear ($326.19m), Readymade Garments ($301.45m), and Bed Wear ($229.95m).
Knitwear exports rose by 5.97%, Readymade Garments exports increased by 1.07%, and the inflow of foreign currency through bedwear moved up by 7.47%.
The food group remained the second most contributing group in total exports. The export value of this group stood at $611.08m, showing a significant growth of 28.72% YoY compared to $474.74m in March 2023.
Conversely, on a monthly basis, the exports from the respective group fell by 4.21% MoM compared to $637.92m in February 2024.
Collectively in 9MFY24, the earnings from food group exports rose by 55.3% YoY to $5.36bn compared to $3.45bn in 9MFY23.
Under the same group, Rice remained the major source of foreign exchange earnings as the export value of the commodity during March 2023 stood at $335.45m marking an increase of 10.36% MoM and 67.02% YoY.
The export of Oil Seeds, Nuts and Kernels stood at $5.7m in March, decreasing by 41.7% YoY and 14.17% MoM compared to $9.77m in March 2023 and $6.64m in February 2024 respectively.
Going forward, the exports of surgical goods & medical instruments rose by 0.91% YoY to clock in at $40.8m.
The exports of leather manufacturers also saw a negative trend as they went down by 1.07% YoY to $49.42m in March 2024.
Conversely, sports goods foreign earnings dropped by 9.4% YoY to $37.41m in March 2024.
However, when compared with the figure of $28.37m in February 2024, the export of sports goods has increased by 31.88% MoM.
Inflow through the chemical and pharmaceutical products declined by 13.65% YoY to $106.43m in March 2023 compared to $123.24m in SPLY.
The data further shows that the share of the Petroleum group in the country’s total export basket was only 0.8% in March 2024.
During the review period, the country earned $20.24m from exports of petroleum products, down by 22.35% YoY.
Copyright Mettis Link News
Related News
Name | Price/Vol | %Chg/NChg |
---|---|---|
KSE100 | 155,114.33 72.62M | 0.44% 674.65 |
ALLSHR | 95,030.20 287.82M | 0.38% 362.04 |
KSE30 | 47,355.98 35.78M | 0.50% 236.08 |
KMI30 | 226,436.51 38.61M | 0.14% 310.79 |
KMIALLSHR | 63,708.91 124.98M | 0.22% 139.85 |
BKTi | 41,883.41 12.23M | 0.63% 260.58 |
OGTi | 31,542.97 3.96M | 0.17% 54.18 |
Symbol | Bid/Ask | High/Low |
---|
Name | Last | High/Low | Chg/%Chg |
---|---|---|---|
BITCOIN FUTURES | 116,925.00 | 116,930.00 115,160.00 | -340.00 -0.29% |
BRENT CRUDE | 67.36 | 67.43 66.78 | 0.37 0.55% |
RICHARDS BAY COAL MONTHLY | 84.00 | 84.00 84.00 | -1.90 -2.21% |
ROTTERDAM COAL MONTHLY | 93.00 | 93.25 92.75 | 0.00 0.00% |
USD RBD PALM OLEIN | 1,106.50 | 1,106.50 1,106.50 | 0.00 0.00% |
CRUDE OIL - WTI | 63.08 | 63.13 62.52 | 0.39 0.62% |
SUGAR #11 WORLD | 15.81 | 15.87 15.67 | -0.01 -0.06% |
Chart of the Day
Latest News
Top 5 things to watch in this week
Pakistan Stock Movers
Name | Last | Chg/%Chg |
---|
Name | Last | Chg/%Chg |
---|