Textile exports rise by 45% YoY in Aug’21

September 17, 2021 (MLN): The total export of textile products witnessed an upsurge of 45.2% YoY to clock in at $1.46 billion during August’21. When compared with the figures of the previous month, exports of textile commodities depicted a marginal decline of 0.57%.

This takes the total textile exports in 2MFY22 to reach $2.93bn as against $2.28bn, registering an increase of 28.67 % YoY, according to the latest data of the Pakistan Bureau of Statistics (PBS),

The YoY rise in textile exports in the month of Aug’21 was mainly the outcome of rising exports of value-added segments where Knitwear, Bed-wear, and Readymade garments surged respectively by 46.5%, 46.3% and 9.8% to $364mn, $264mn and $283mn compared to Aug’20.

On the import front, the textile group saw a 70.7% increase during the month of Aug’21 to stand at $372mn. However, on a sequential basis, the country witnessed a decrease of 7.1% MoM in textile imports. In absolute terms, the import of raw cotton was $108mn in Aug’21 against $67.4mn recorded in Aug’20.

Cumulatively, during July-Aug FY22, the imports of textile commodities stood at $773mn, up by 97.6% YoY.

Going forward, it is expected that the demand for Pakistan's textiles globally is likely to remain strong on the back of continuous redirecting of orders out of China and other regional Asian countries.

Copyright Mettis Link News

Posted on: 2021-09-17T16:18:00+05:00

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