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Textile exports witnessed a notable fall of around 26% YoY in April: SBP

Government to formulate textile export enhancement strategy
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May 17, 2023 (MLN): The country's total textile export showed a notable fall of 25.76% YoY to $1.17bn compared to $1.58bn recorded in the same period of last year, data issued by the State Bank of Pakistan showed on Wednesday.

While on a monthly basis, the exports of the same group dipped by 10.42% MoM in April 2023.

Cumulatively, the exports of the textile group clocked in at $14.11 billion in 10MFY23, marking a decline of 6.51% YoY, as compared to $15.09bn in the corresponding period of FY22.

In April 2023, textile products remained the major exportable goods for Pakistan as this group accounted for 55.74% of the total exports during the review month.

During the month, key contributing products under the textile head were knitwear ($282 million), readymade garments ($256m), and bedwear ($199m), all three heads marked a decline of 29.29% YoY, 28.69% YoY, and 16.77% YoY, respectively when compared to April 2021.

The food group remained the second most contributing group in total exports. However, the trade value of this group stood at around $471.92m, showing a drop of 0.50% MoM and 14.67% YoY compared to $553m in April 2022.

Under the same group, rice remained the major source of foreign exchange earnings as the export value of rice during April 2023 stood at $215.94m marking a growth of 7.52% MoM whereas the export of the same commodity slid by 28.66% YoY compared to $302.68m in April 2022.

Meanwhile, the export of fish & fish preparations stood at $51.07m in April 2023, inching up by 11.59% YoY while on a monthly basis, the exports of fish went up 15.94% MoM. In 10MFY23, exports of fish reported an increase of 11.18% to $390.47m compared to the same period last year.

Exports of surgical goods & medical instruments declined by 2.26% MoM to clock in at $39.5m while the exports of leather manufactured dropped by 4.32% MoM to $47.8m. Additionally, the export of sports goods fell by 13.5% MoM to $35.7m in April 2023.

Likewise, the exports of chemical and pharmaceutical products decreased to $101.02m, down by 17.88% MoM. while on a yearly basis, the export of the same commodity decreased by 33.65% YoY.

Cumulatively, during July-April FY23, the exports of chemical and pharmaceutical products, leather manufacturers, and surgical goods and medical instruments manufactured products saw a decrease of 0.12%, 2.03%, and 4.58% YoY, respectively.

Moreover, the share of the Petroleum group in the country’s total export basket was only 1.42% in April 2023. During that period, the country earned $24.37m from exports of petroleum products and $5.61m from solid fuel including Naphta.

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Posted on: 2023-05-17T15:03:51+05:00