December 19, 2021 (MLN): Continuing its winning streak, Pakistan’s textile exports touched a historic high level of $1.74 billion during November 2021, depicting an upsurge of 35% YoY and 8.5% MoM. This takes the total textile exports during the first five-month of the current fiscal year i.e., July-Nov FY22 to $7.76bn, up by 28.4% YoY, showed data released by the Pakistan Bureau of Statistics (PBS).
The significant year-on-year increase in the said exports is due to the global textile dynamics that favours Pakistan amid competitive pricing made possible by extended government incentives, a brewing trade war between US and China, and continued rerouting of orders from other competitive economies due to supply disruptions.
In the value-added segment, knitwear, bed-wear, readymade garments and towels registered an upsurge of 41%, 32%, 27% and 32.5% to $458mn, $315mn, $328mn and $105mn, respectively during Nov’21 compared to the corresponding period last year.
During 5MFY22, the YoY rise in textile exports is a testament to the strong demand for Pakistan’s textiles in the global market, despite the resumption of economic activities in competing countries,
On the import front, the textile group saw a 35% YoY and 11% MoM increase during the month of Nov’21 to stand at $428mn. In absolute terms, the import of raw cotton was $178mn in Nov’21 against $85.09mn recorded in Nov’20.
Cumulatively, during July-Nov FY22, the imports of textile commodities stood at $2bn, up by 58% YoY.
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