Textile exports rise 7% to $1.56bn in Oct

November 18, 2024 (MLN): The country's total textile exports increased by 7.0% to $1.56bn in October compared to $1.45bn in the same month last year, 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 5.9% compared to exports worth $1.47bn in September.

Cumulatively in 4MFY25, the textile exports increased by 5.1% to $5.81bn compared to $5.52bn in 4MFY24.

The total exports as per BOP for October clocked in at $3.02bn, up by 11.1% compared to $2.72bn in October 2023. Likewise, on a monthly basis, exports rose by 14.7%.

In October 2024, Textile Group products remained the major exportable goods for Pakistan as this group accounted for 51.5% of the total exports.

During the review month, key contributing products under the textile head were Knitwear ($403.75m), Readymade Garments ($359.69m), and Bed Wear ($282.79m).

Knitwear exports rose by 13.1%, Readymade Garments exports increased by 24.2%, and the inflow of foreign currency through Bed Wear moved up by 7.2%.

The food group remained the second most contributing group in total exports. The export value of this group stood at $631.59m, showing a meager growth of 0.1% compared to $631.14m in October 2023. On a monthly basis, the exports from the respective group rose by 29.3% compared to $488.4m in September 2024.

Collectively in 4MFY25, the earnings from food group exports increased by 14.1% to $2.16bn compared to $1.89bn in 4MFY24.

Under this group, Rice remained the major source of foreign exchange earnings as the export value of the commodity during October 2024 stood at $268.82m marking an increase of 36.3% MoM and 4.7% YoY.

The export of Oil Seeds, Nuts, and Kernels stood at $91.82m in October, up 91.5% MoM while down 26.6% YoY.

Other manufacture was the third most contributing group in total exports. The export value of this group stood at $360.1m, showing a contraction of 3.5% compared to $373.29m in October 2023. On a monthly basis, the exports from the respective group inched down by 0.2%.

In this group, sports goods' foreign earnings dropped by 4.9% YoY to $37.25m in October 2024.

However, when compared with the figure of $32.48m in September 2024, the export of sports goods has increased by 14.7% MoM.

Inflow through the chemical and pharmaceutical products fell by 12.5% YoY to $115.61m in October 2023 compared to $132.18m in SPLY.

The data further shows that the share of the Petroleum group in the country’s total export basket was only 3.6% in October 2024.

During the review period, the country earned $108.5m from exports of petroleum products, increasing by 635.7% YoY.

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