On the road to prosperity: Pakistan’s textile exports increase 2.9pc in the first quarter of FY2020
Readymade garments exports increased by 11.4% to $667.361 million.
The textile exports of Pakistan have increased by 2.95% year-on-year to $3.371 billion in the first quarter of the current fiscal year. The number of shipments of knitwear and readymade garments has doubled during the time under observation, according to official data revealed on Friday.
In July-September, the knitwear exports increased by 11.14% to $779.548 million. In volume, the exports from the value-added sector increased by 6.8%. Similarly, exports of readymade garments increased in volume and value.
Readymade garments exports increased by 11.4% to $667.361 million. An increase in quantity was also seen, there was a 36.6% growth year-on-year in the initial three months of the current fiscal year. Bed wear exports increased by 2.8% to $600.562 million, exports of cotton fell 5.6% year-on-year to $499.41 million.
During the month of September, the textile group’s exports increased by 4.38% year-on-year, but they decreased by 10.26% month-on-month. The exports from the value-added sector showed a decrease in September over August.
In September over August, exports of knitwear, bed wear, cotton cloth, and readymade garments dropped by 14.5%, 2.5%, 1.3%, and 15.2% respectively. The exports of the value-added sector increased during the last month.
Knitwear exports increased by 7.47%:
In September, knitwear exports increased by 7.47%, bed wear exports by 6.25% and readymade garment exports by 22.1% as compared to the corresponding month one year prior. But, cotton cloth exports fell by 4.19% year-on-year in September.
The downward trend in the value-added sector should be concerning for the government, which is facing difficulties in supporting the external account sector by accelerating stunted growth in exports. During the first quarter of the current fiscal year, the exports amounted to a total of $5.522 billion, having increased by 2.76% over the corresponding period a year prior.
PBS data showed that the food sector showed 13.98% year-on-year growth in exports to $984.757 million in July-September. An increase of 50.7% was seen in rice exports in the three-month period.
Exports of fruits, vegetables, and fish and showed a double increase. But, exports from the manufacturing sector decreased by 3%.
PBS also showed how oil imports, that makeup 28% to overall import bill, dropped by 16.55%. Imports of petroleum products and crude decreased in value and volume. Imports of liquefied natural gas increased by 2.8%.
During the first quarter of FY2020, total imports reduced to $11.248 billion in the July-September period.
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