Pakistan’s Textile Industry Exports Increase By 4 Percent
Export of Textile and clothing increase four percent every year to $6.90 billion without being effected by several cash incentives. Data analysis of half-year is disclosed by the Pakistan Bureau of Statistics.
The July-December figures showed growth in textile and clothing exports proceeds from the value-added sector. The improvement in the value-added industry helped in increasing overall exports by 3.14Percent to $11.53bn yearly.
The export of textile and clothing was recorded at $1.14bn, up by 0.36Percent, from $1.13bn over the corresponding month last year.
Product-wise details of exports are that knitwear increased by 7.59Percent in value and 5.66Percent in quantity, while bedwear increased by 3.16Percent and 11.69Percent in value. Foreign sales of garments increased by 12.08Percent in value and 32.37Percent in volume while proceeds from towels only inched up by a modest 0.22Percent in value and 1.92Percent in quantity.
Export of cotton yarn 0.74Percent, followed by cotton cloth 3.7Percent, yarn other than cotton 1.67Percent, and cotton carded 72.22Percent while the raw cotton went up by 9.06Percent and art and silk 13.22Percent, respectively.
Imports of OIL
Meanwhile, the import bill of petroleum group went down to 19.87Percent to $6.14bn during the first half-year. Crude oil faced a massive drop of 14.5Percent in total quantity to 3.94 million tonnes.
The cost of petroleum products jumped to 24.13Percent. During the period with 12.63Percent decline recorded in terms of quantity imported, bringing the total down to 4.66m tonnes.
Liquefied natural gas imports also went down 4.83Percent, while those of liquefied petroleum gas surged 33.85Percent.
Machinery imports decreased 1.03Percent to $4.43bn, from $4.47bn last year, led by office machinery, down 14.48Percent, power generating 1.73Percent, textile 8.34Percent, and construction 36.71Percent.
Imports of telecom, mobile handsets soared 69.25Percent to $616.148m while those of other apparatus plunged by 21.71Percent to $228.509m. The increase in the former was the result of a crackdown on smuggling and doing away with free imports in baggage schemes.
Similarly, the import of electrical machinery faces a big boom of 48.16Percent to $1.305bn every year. On the other hand, the import of machinery related to agriculture, textile, construction, among others, reduced.
The overall transport group also witnessed a lowering of 44.45Percent. While imports of the motor vehicle built units were declined by a massive 73.96Percent during July-December.
Meanwhile, food group imports fell by 13.48Percent during July-December, mainly due to the imposition of regulatory duties on proceeds. The crash noted in imports of milk products, wheat, dry fruits, tea, soybean oil, palm oil, sugar, and pulses. On the other hand, the import of spices increased by 5.49Percent.