Textile exports rose by 9% MoM in October: SBP

November 20, 2023 (MLN): The country's total textile export registered an increase of 9.05% MoM to $1.45bn in October 2023 compared to $1.33bn recorded in the same period of last year, data released by the State Bank of Pakistan (SBP) showed.

Conversely, on a year-on-year basis, the exports of the same group dropped by 2.53% YoY in October 2023.

Cumulatively in 4MFY24, the textile exports declined by 11.65% YoY to $5.52bn compared to $6.25bn in 4MFY23.

The total exports as per BOP for October clocked in at $2.76bn, up by 21.09% YoY compared to $2.28bn in October 2022.

Similarly, on a monthly basis, exports went up by 11.82% MoM.

To note, the current account deficit for October 2023 widened significantly by 60.87% MoM to stand at $74 million compared to the deficit of $46m in September 2023.

In October 2023, textile products remained the major exportable goods for Pakistan as this group accounted for 52.62% of the total export in October.

During the review month, key contributing products under the textile head were knitwear ($356.98m), readymade garments ($289.65m), and bedwear ($262.88m).

All three heads marked a decline of 9.13%, 7.66%, and 4.64% YoY, respectively when compared to October 2022.

The food group remained the second most contributing group in total exports. The export value of this group stood at $630.08m, showing a significant growth of 94.95% YoY compared to $323.19m in October 2022.

Similarly, on a monthly basis, the exports from the respective group rose by 28.17% MoM compared to $491.59m in September 2023.

Cumulatively in 4MFY24, the earnings from food group exports increased by 25.27% YoY to $1.89bn compared to $1.51bn in 4MFY23.

Under the same group, rice remained the major source of foreign exchange earnings as the export value of rice during October 2023 stood at $257.08m marking an increase of 59.75% MoM and 2.42x YoY.

The export of Oil Seeds, Nuts and Kernels stood at $125.18m in October 2023, soaring by 3.67x YoY and 29.70% MoM compared to $34.11m in October 2022 and $96.51m in September 2023 respectively.

Going forward, the exports of surgical goods & medical instruments increased by 20.96% YoY to clock in at $43.73m.

The exports of leather manufacturers also saw a positive trend as they increased by 8.50% YoY and 20.14% MoM to $58.22m in October 2023.

Conversely, sports goods foreign earnings dropped by 8.79% YoY to $39.17m in October 2023.

However, when compared with the figure of $34.93m in September 2023, the export of sports goods has improved by 12.15% MoM.

Inflow through the chemical and pharmaceutical products dropped by 2.11% YoY to $132.08m in October 2023 compared to $134.94m in SPLY.

The data further shows that the share of the Petroleum group in the country’s total export basket was only 0.53% in October 2023.

During the period, the country earned $14.75m from exports of petroleum products, significantly down by 17.63% YoY and 47.78% MoM.

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