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

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.

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