Home Business Textile exports record 4.10% growth in four months, cross $4,586 billion mark

Textile exports record 4.10% growth in four months, cross $4,586 billion mark

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Textile group exports from the country during first four months (July-October) of current financial year increased by 4.10 per cent as compared the exports of the corresponding period of the previous year.

Meanwhile, textile sector exports witnessed about 7.44 per cent growth in month of October against the exports of same month of the last year, according the latest data of advance releases on foreign trade statistics, released by the Pakistan Bureau of Statistics on Tuesday.

During the same period, textile products worth over $4.586 billion were exported against the exports of $4.406 billion of same period last year, showing an increase of 4.10 per cent, it added.

On monthly basis, the textile products over $1.214 billion were exported in month of October as compared to the exports of $1.130 billion of same month last year.

During the period under review, exports of readymade garments grew by 12 per cent, knitwear 9.49 per cent, bed wear 5.72 per cent, towels 0.80 per cent, art, silk and synthetic textile increased by 9.46 per cent, respectively, it added.

Meanwhile, the exports of raw cotton from the country increased by 0.78 per cent, cotton carded or combed 100 per cent and yarn grew by 21.24 per cent, respectively, the data revealed.

However, the exports of textile products which observed negative growth in their respective exports included cotton yarn that decreased by 2.14 per cent, cotton cloth 4.83 per cent, tents, canvas and tarpulin by 1.58 per cent, it added.

During the same period, the country exported about 40,246 thousand dozen of knit wear valuing $1.054 billion against the exports of 37,790 thousand dozen worth of $962.862 million last year, which was up by 9.49 percent, it said.

Moreover, 172,547 metric tons of bed wear worth $817.665 million were also exported as compared to the exports of 144,574 metric tons valuing of $773.447 million last year.

The exports of above mentioned product witnessed 5.72 per cent growth in first four months of current financial year.

Meanwhile, 58,030 metric tons of towels worth  $251.647 million were also exported as compared to the exports of 60,041 metric tons valuing $249.651 million last year.

From July-October, country fetched $906.663 million by exporting about 19,954 thousand dozen of readymade garments, which were recorded at 15,119 thousand dozen worth $809.520 million of corresponding period of the previous year.

However, exports of raw cotton from the country came down from US $392.948 million in first four months of last financial year to US $384.553 million in same period of current financial year.

It may be recalled that country’s merchandise trade deficit plunged by 33.52 per cent during these four months as compared to the deficit of the same month of the last year.

According to the data the trade deficit during July-October (2019-20) was recorded at $7.776 billion against the deficit of $11.696 billion during July-October (2018-19).

The exports during the period increased from $7.270 billion during last year to $7.547 billion during the current fiscal year, showing the growth of 3.81 per cent.

On the other hand, the imports into the country witnessed decline of 19.21 per cent by falling from $18.966 billion last year to $15.323 billion during the current fiscal year, the data revealed.

On yearly basis, the exports from the country increased by 6.75 per cent by growing from $1.896 billion during Oct. 2018 to $2.024 billion in Oct. 2019.

On the other hand, the imports declined by 15.14 per cent from $4.801 billion in Oct. 2018 to $4.074billion in Oct. 2019.

On monthly basis, the exports from the country increased by 14.41 per cent in Oct. 2019 when compared to the imports of $1.769 billion in Sept. 2019. APP