Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

CPI Preview: Inflation to fall below 14% YoY in May

Textile exports rise 4.29% MoM to $1.37bn in January

Textile exports rise 10.3% YoY to $1.3bn in April
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February 19, 2024 (MLN): The country's total textile exports registered an increase of 4.29% MoM to $1.37bn in January 2024 compared to $1.32bn recorded in the previous month, data released by the State Bank of Pakistan (SBP) showed.

Likewise, on a year-on-year basis, the exports of the same group increased by 5.51% YoY in January 2023.

Cumulatively in 7MFY24, the textile exports decreased by 7.22% YoY to $9.59bn compared to $10.33bn in 7MFY23.

The total exports as per BOP for January clocked in at $2.69bn, up by 21.2% YoY compared to $2.22bn in January 2023.

Conversely, on a monthly basis, exports declined by 3.65% MoM.

In January 2024, textile products remained the major exportable goods for Pakistan as this group accounted for 51.01% of the total export in January.

During the review month, key contributing products under the textile head were Knitwear ($330.27m), Readymade Garments ($290.9m), and Bed Wear ($231.42m).

Knitwear exports dropped 2.25%, while exports of Readymade Garments and Bed Wear increased 0.94% and 7.82% respectively when compared to January 2023.

The food group remained the second most contributing group in total exports. The export value of this group stood at $741.88m, showing a significant growth of 118.93% YoY compared to $338.86m in January 2023.

Conversely, on a monthly basis, the exports from the respective group fell by 4% MoM compared to $772.78m in December 2024.

Cumulatively in 7MFY24, the earnings from food group exports rose by 58.3% YoY to $4.11bn compared to $2.59bn in 7MFY23.

Under the same group, Rice remained the major source of foreign exchange earnings as the export value of the commodity during January 2024 stood at $443.66m marking an increase of 5.15% MoM and 2.62x YoY.

The export of Oil Seeds, Nuts and Kernels stood at $9.55m in January, increasing by 69.12% YoY and declining 69.92% MoM compared to $5.65m in January 2023 and $31.75m in December 2023 respectively.

Going forward, the exports of surgical goods & medical instruments grew by 9.57% YoY to clock in at $39.87m.

The exports of leather manufacturers also saw a positive trend as they went up by 5.51% YoY to $51.09m in January 2024.

Similarly, sports goods foreign earnings improved by 2.87% YoY to $38.47m in January 2024.

However, when compared with the figure of $36.7m in December 2023, the export of sports goods has improved by 4.84% MoM.

Inflow through the chemical and pharmaceutical products increased by 22.77% YoY to $105.53m in January 2024 as compared to $85.96m in SPLY.

The data further shows that the share of the Petroleum group in the country’s total export basket was only 1.39% in January 2024.

During the review period, the country earned $37.53m from exports of petroleum products, up by 40% YoY.

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Posted on: 2024-02-19T16:57:17+05:00