Textile Exports surge 5% YoY to US$6 bln in 5MFY21

December 18, 2020 (MLN): Textile exports during the month of November 2020, clocked in at a record US$1.286 billion, jumped by 9.27% YoY. When compared with the figures of previous month, exports of textile goods depicted a negligible decline of 0.2% MoM.

This takes the total textile exports in 5MFY21 to reach at US$6 billion, up by 4.88% YoY from US$5.763 billion.

Recently, Ministry of Commerce released Rs1.78 billion for the textiles sector under Drawback of Local Taxes and Levies (DLTL) scheme to resolve the liquidity issues of the experts and enable them to enhance exports.

The data released by Pakistan Bureau of Statistics (PBS) revealed that the rise in textile exports during 5MFY21 was mainly the resultant of rise in exports of value added segments where Towels, Knitwear, Bed-wear and Readymade garments have surged respectively by 14.24% YoY, 14.34%YoY, 12.28% YoY and 4.36% YoY to US$362.7 million, US$1.51 Billion, US$1.138 billion and US$1.2 billion compared to 5MFY20.

In the month of November alone, the exports Towels, Knitwear, Bedwear and Readymade garments witnessed upsurge of 21.52% YoY, 22.75% YoY, 22% YoY and 3.43% YoY to US$79.4 million, US$327.5 million, US$238.6 million and US$258.88 million respectively.

On the other hand, Textile imports during the month of Nov’20 increased by a sharp 69% YoY and 16.49% MoM to US$320.79 million. Within the Textile segment, Raw cotton imports jumped by a whopping 418.2% YoY while 1.62% MoM.

On a cumulative basis, during 5MFY21, the import of textile related products grew by 60.3% YoY to US$1.27 billion primarily due to 497% YoY increase in Raw Cotton imports to US$376.9 million from international markets.

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