August 19, 2024 (MLN): The country's total textile exports increased by 4.23% YoY to $1.38bn in July 2024 compared to $1.32bn in July 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 8.23% MoM compared to exports worth $1.27bn in June 2024.
The total exports as per BOP for July clocked in at $2.39bn, up by 12.89% YoY compared to $2.12bn in July 2023.
Conversely, on a monthly basis, exports decreased by 2.17% MoM.
In July 2024, Textile Group products remained the major exportable goods for Pakistan as this group accounted for 57.56% of the total exports.
During the review month, key contributing products under the textile head were Knitwear ($382.99m), Readymade Garments ($302m), and Bed Wear ($227.05m).
Knitwear exports rose by 15.73%, Readymade Garments exports increased by 9.02%, and the inflow of foreign currency through Bed Wear decreased by 1.13% .
The food group remained the second most contributing group in total exports. The export value of this group stood at $545m, showing a significant growth of 45.9% YoY compared to $373.55m in July 2023.
Likewise, on a monthly basis, the exports from the respective group rose by 4.14% MoM compared to $523.35m in June 2024.
Under the same group, Rice remained the major source of foreign exchange earnings as the export value of the commodity during July 2023 stood at $230.88m marking an increase of 19.41% MoM and 76.47% YoY.
The export of Oil Seeds, Nuts and Kernels stood at $9.6m in July, increasing by 75.66% YoY and 46.34% MoM compared to $5.46m in July 2023 and $6.56m in June 2024 respectively.
Going forward, the exports of surgical goods & medical instruments rose by 4.03% YoY to clock in at $36.86m.
The exports of leather manufacturers also saw a negative trend as they declined by 1.83% YoY to $49.84m in July 2024.
Conversely, sports goods foreign earnings dropped by 1.45% YoY to $36.88m in July 2024.
However, when compared with the figure of $44.57m in June 2024, the export of sports goods has decreased by 17.26% MoM.
Inflow through the chemical and pharmaceutical products rose by 33.13% YoY to $124.87m in July 2023 compared to $93.8m in SPLY.
The data further shows that the share of the Petroleum group in the country’s total export basket was only 3.88% in July 2024.
During the review period, the country earned $92.76m from exports of petroleum products, up by 399.08% YoY.
Copyright Mettis Link News
Posted on: 2024-08-19T11:29:51+05:00
