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Textile group: Exports increase by 4%YoY, imports decline substantially by 32%YoY during Jul-Oct 2019

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November 20, 2019 (MLN): According to the latest data issued by Pakistan Bureau of Statistics on export receipts by commodities, the textile products remained the major exportable goods for Pakistan as it accounted 61% of the total exports during Jul-Oct 2019.

Whereas, imports of the textile group into the country during the period under review nosedived 32% YoY to $604 million, according to Pakistan Bureau of Statistics data. The textile group accounted only 4% of the total imports during the Jul-Oct 2019.

During Jul-Oct 2019, the overall exports of textile group witnessed an upsurge of 4.10% YoY to $4.58 billion. Within the textile group, the major exportable goods include Knitwear, Readymade Garments, Bed wears and Cotton Cloth.

The exports of Knitwear and Readymade Garments went up by 9.49% YoY, 5.72% YoY and 12% YoY to $1.05 billion, $817 million and $906 million respectively. Whereas, the exports of Cotton Cloth dipped by 4.83% YoY to $678 million during the period under review.

On yearly basis, the textile group’s exports were recorded at $1.21 billion, up by 7.44% when compared to $1.13 billion of October 2018.

Moreover, on month-on-month basis, the export of textile group showed a significant growth of 13.69% as the exports during September 2019 were recorded at $1.06 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 39.72% YoY, 23% YoY and 16.76%, valued at $46 million, $144 million and $ 163 million respectively during Jul-Oct 2019.  

On yearly basis, the textile group’s imports witnessed the significant decline of 27.85% to $153 million when compared to $212 million of October 2018.

On month-on-month basis, the import of textile group dropped by 19.89% as the imports during September 2019 were recorded at $127 million.

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Posted on: 2019-11-20T14:57:00+05:00