Textile exports cross $6.25bn mark in 4MFY23: SBP

November 21, 2022 (MLN): The country’s total textile exports have posted a growth of around 10.50% YoY to $6.25 billion in 4MFY23 as compared to $5.65bn in the corresponding period of FY22, data issued by the State Bank of Pakistan (SBP) on Monday showed.

The overall exports of the textile group showed a notable growth of 3.94% YoY to $1.49bn compared to $1.43bn recorded in the same period of last year. Whereas, on MoM basis, the exports dipped by 7.21% in October 2022.

During the month, key contributing products under the textile head were knitwear ($392.8mn) decreased by 10.64% MoM, readymade garments ($313.9mn) depicted a slight growth of 3.52% MoM, and bedwear ($275.4mn) with a growth of 1.80%MoM, respectively when compared to Sep’22.

The other manufacturers remained the second most contributing group in total exports.  However, the trade value of this group stood at around $358mn, showing a drop of 8.21% MoM while on yearly basis, it shows a surge of 14.53% YoY compared to $313mn in October’21.

Meanwhile, the export of the food group stood at $323mn in October 2022, squeezed by 8.71% YoY while on monthly basis, the exports of fish inched up 11.69% MoM. In 4MFY23, exports of fish reported an increase of 9.91% to $1.51billion compared to the same period last year.

Under the same group, rice remained the major source of foreign exchange earnings as the export value of rice during October 2022 stood at $106.06mn posting a decline of 28.59% MoM and year-on-year the export of the same commodity plummeted by 31.57% YoY compared to $154.98mn in October 2021.

Meanwhile, the export of fish & fish preparations stood at $43.14mn in October 2022, squeezed by 46.79% YoY while on monthly basis, the exports of fish inched up 33.39% MoM. In 4MFY23, exports of fish reported an increase of 38% to $133.19mn compared to the same period last year.

Exports of surgical goods & medical instruments went down by 6.94% MoM to clock in at $36.15mn while the exports of leather manufactured dropped by 12.99% MoM to $53.60mn. on the other hand, the export of sports goods remains the same at $42.94mn in October 2022.

Likewise, the exports of chemical and pharmaceutical products decreased to $134.94mn, down by 5.64% MoM. However, on yearly basis, the export of the same commodity increased by 59.19% YoY.

Cumulatively, during July-October FY23, the exports of chemical and pharmaceutical products, leather manufacturers, and surgical goods and medical instruments manufactured products saw an increase of 19.84%, 4.94%, and 4.65% YoY, respectively.

Moreover, the share of the Petroleum group in the country’s total export basket increased by 3 times MoM in October 2022. During that period, the country earned $4.68mn from exports of petroleum products and $13.22mn from solid fuel including Naphta.

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