Textile Group: Exports grow by 4.68% YoY, imports plunge by 28.25% YoY during Jul-Nov FY20

December 19, 2019 (MLN): The overall exports of textile group witnessed an increase of 4.68% YoY to stand at $5.76 billion during Jul-Nov FY20.

According to the latest data issued by the Pakistan Bureau of Statistics on export receipts by commodities, the textile products remained the major exportable goods for Pakistan as it shares 60% in total exports during Jul-Nov FY20.

Whereas, imports of the textile group into the country during the period under review plummeted by 28.25% YoY to $793 million as per data released by Pakistan Bureau of Statistics data. The textile group accounted for only 4% of the total imports during Jul-Nov FY20.

On the exports front, within the textile group, the major exportable goods include Knitwear, Readymade Garments, Bed wears and Cotton Cloth.

The exports of Knitwear, Bed Wears and Readymade Garments went up by 8.69% YoY, 4.69% YoY and 13.19% YoY to $1.32 billion, $1.01 billion and $1.15 billion respectively. Whereas, the exports of Cotton Cloth dropped by 3.74% YoY to $847 million during the period under review.

On a year-on-year basis, the textile group’s exports were recorded at $1.17 billion, up by 7.03% when compared to $1.09 billion of November 2018.

However, on a sequential basis, the export of textile group showed a decline of 3.10%, MoM, as the exports during October 2019 were recorded at $1.21 billion.

Meanwhile, the data from the Pakistan Bureau of Statistics revealed that imports of raw cotton, synthetic fibre, synthetic and artificial silk yarn decreased by 34% YoY, 21% YoY and 11.28%, valued at $63 million, $185 million and $219 million respectively during Jul-Nov FY20.  

On a yearly basis, the textile group’s imports witnessed a significant decline of 12.67% to $189 million when compared to $217 million in November 2018.

On a month-on-month basis, the import of textile group surged by 23.96% as the imports during October 2019 were recorded at $153 million.

Copyright Mettis Link News

Posted on: 2019-12-19T12:33:00+05:00

31662