May 15, 2020 (MLN): The exports in textile and clothing decreased by 2.79 percent during first 10 months of current fiscal year (FY20), as compared to the same period of last year.
According to the latest numbers released by the Pakistan Bureau of Statistics (PBS), year on year textile exports during the month of April went down by more than 16.52 percent YoY, reaching a total of $403.8 million. Similarly, month on month exports of textile also posted negative growth. Exports compared to March 2020 went down by 16.16 percent.
The textile segment is the largest exporting sector of Pakistan and a major chunk of export earnings is derived from this sector. But due to sluggish global demand and ensuing lockdowns following the COVID-19 pandemic, exports of textile saw a significant plunge.
According to the data, a subset of Textiles, Knitwear was the topmost contributor as production in knitwear during April 2020 reached to 4, 598 thousand dozen units translating into exports worth $ 92.27 million dollars. Knitwear contributes a major chunk of the textile-related earnings, however, exports receipt from Knitwear declined 61.75 percent YoY and 56 percent MoM during the month mentioned above.
The second top-performing subset of the textile sector during the month was Bedwears which contributed 19 percent of the group’s entire exports. Total revenue generated from Bedwear exports during April 2020 reached a sum of $76.79 million, showing a drop of 57.5 percent YoY and 53.08 percent MoM.
Next in line is Readymade Garments, which contributed more than 15 percent of the textile’s export earnings. Total revenue generated from the exports of Readymade Garments during the month reached a sum of $61.398 million, marking a plunge of 73.4 percent YoY and 70.6 percent MoM.
The other major portion of earnings in the textile sector came from Cotton Cloth, Cotton Yarn, Made-up Articles and Towels respectively. They collectively fetched about 32 percent of the Textile Group exports clocking in at $13.2 million.
On the other hand, imports of Textile group during the month declined 35 percent YoY and 18 percent MoM to $232.65 million, bringing the total imports of the group during 10MFY20 to stand at $2.148 billion compared to $2.59 billion during 10MFY19.
Key Textile subgroup which contributed in declining import bill of April 2020 include Raw Cotton. Its imports during the month fell by more than 26.5 percent to $117.7 million with total imports reaching 71 million tons compared to 85 million tons during April 2019.
Other subheads within Textile group which helped in reducing import bill include Synthetic Fibre ( -17.8% YoY) and Synthetic & Artificial Silk Yarn (-58.6% YoY).
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