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HomeEconomyTextile sector contributes Rs1.36bn to Pakistan’s exports in July’21

Textile sector contributes Rs1.36bn to Pakistan’s exports in July’21

August 23, 2021 (MLN): The country’s total exports have observed a growth of 19.74 percent to around $2.26billion during July'21 as compared to the export volume of July'20.

The restoration of economic activities after the easing of virus-related restrictions has accelerated the export led industries also which has reflected in the soaring export volume.

However, on a month-on-month basis, the overall export staged a decline of 9.7% in the month of July'21.

According to the data issued by the State Bank of Pakistan (SBP) on export receipts by commodities, textile products remained the major exportable goods for Pakistan as this group accounted for 60.14% of the total exports during the month of July’21. The overall exports of the textile group showed a massive growth of 37% YoY to $1.36bn compared to $990.29mn recorded in the same period of last year. On the other hand, the exports moved down by 7% in July’21.

During July’21, key contributing products under textile head were knitwear ($331mn), readymade garments ($258mn), bedwear ($250mn), cotton cloth ($167mn) and cotton yarn ($98.3mn) with a growth of 46.3%, 41.8%, 43.3%, 12.3%, and 56.7%, respectively when compared to July’20.

In the month of July’21, the food group witnessed substantial decline in exports.  The trade value of food exports from the country stood at around $310.11mn, dipped by 7.7% YoY from $336mn in July’20. Similarly, on a sequential basis, this group depicted a decline of 22% MoM.

According to the statistics, rice remained the major source of foreign exchange earnings as the export value of rice during July’21 stood at $124mn, plunged by 25.7% YoY while, on MoM basis, the export volume of the same commodity dropped by 35.7%.

Meanwhile, the export of fish & fish preparations stood at $24.41mn in July’21, showing a decline of 29.44% MoM and 33% YoY.

During July’21, the share of other manufactured goods in the country’s total exports was around 14.41%. The key exportable manufactured items include Chemical and Pharmaceutical products, Engineering goods, Leather manufacturers, Sports goods and surgical goods and medical instruments respectively.

Exports of Surgical Goods & Medical Instruments saw a decrease of 10% YoY to clock in at $33.6mn in July’21. Similarly, the export of Sports Goods inched down by 1.75% YoY to stand at $41.85mn. On the other hand, the export volume of Leather manufactured surged by 28.19% YoY to $55.85mn.

With regards to the export volume of Chemical and Pharmaceutical Products, the segment witnessed a notable jump of 40.33% YoY to stand at $120.11mn in July'21.

Moreover, the share of the Petroleum group in the country’s total export basket was 0.47% during July’21. During that period, the country earned $4.24mn from exports Petroleum Products, and $6.36mn from the exports of Solid Fuel including Naphta.

Copyright Mettis Link News

Posted on: 2021-08-23T14:11:00+05:00


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