February 18, 2021 (MLN): Pakistan’s textile exports during the month of January 2021, clocked in at $1.32 billion, up by 10.79% when compared with January 2020 and down by 5.5% when compared with December 2020.
This was due to 33% and 5.25% YoY jump in exports of Knitwear and Readymade Garments. On a monthly basis, the exports of Knitwear plunged by 5% while exports of Readymade Garments remained flat.
Meanwhile, yarn (–10% YoY) and cotton cloth (-14%YoY) continued to show lackluster results in Jan'21, which is partly due to rising demand from local value-added players and also on account of the poor domestic cotton yields this year.
This takes the total textile exports during 7MFY21 to stand at $8.76 billion, showing an increase of around 8.23% YoY against $8 billion reported in the corresponding period last fiscal year.
The data released by the Pakistan Bureau of Statistics (PBS) revealed that the rise in textile exports during Jul-Jan FY21 was mainly the result of an increase in exports of value-added segments where exports of Knitwear, Bed-wear, Towels, and Readymade garments surged respectively by 18.7% YoY, 15.9%YoY, 19.9% YoY and 5.48% YoY to $2.17 billion, $1.6 billion, $533.2 million and $1.77 billion compared to 7MFY20.
Textile imports during the month of January 2021 surged by 32% YoY while declined 1.6% MoM to $389 million. Within the Textile segment, Raw cotton imports jumped by a massive 69.3% YoY whereas, on monthly basis, it soared by 18%.
On a cumulative basis, during 7MFY21, the import of textile-related products grew by 61% YoY to $2 billion primarily due to a 266.5% YoY increase in Raw Cotton imports to $715 million from international markets.
