Pakistan’s textile exports increase by 10.8% on YoY basis in January

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Image result for textile pakistanThe export of textile commodities increased 10.79% year-on-year (YoY) to $1,323.324 million during January 2021, against $1,194.463 million in the same month of last year.

The news was disclosed by the Pakistan Bureau of Statistics (PBS) on Thursday.

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Meanwhile, on a month-on-month (MoM) basis, exports from the country decreased 5.54% in January 2021 as compared with $1,400.269 million in December 2020.

Overall, the export of textile commodities increased 8.23% during the first seven months (July-Jan) of the current fiscal year (FY21) compared to the corresponding period of last year.

The country’s textile exports were recorded at $8,765.739 million in 7MFY21 against the exports of $8,099.095 million in 7MFY20.

Image result for paksitan textile map

The textile commodities that contributed to positive trade growth included knitwear, exports of which increased from $1831.758 million last year to $2175.021 million during the current year, showing a growth of 18.74%.

Likewise, the exports of yarn (other than cotton yarn) increased by 4.63%, from $16.286 million to $17.040 million; exports of bed wear increased by 16.38%, from $1392.020 to $1613.509, and the exports of towels increased by 19.91%, from $444.685 million to $533.207 million.

Image result for textile pakistan

Similarly, the exports of tents, canvas, and tarpaulin grew by 48.95%, from $49.611 million to $73.897 million; ready-made garments by 5.48%, from $1680.897 million to $1773.054 million, and art, silk, and synthetic textile by 0.45%, from $199.790 million to $200.687 million.

Moreover, the made-up article’s exports (excluding towels and bed wear) increased by 18.01%, from $378.680 million to $446.878 million.

On the other hand, commodities that witnessed a negative export trend included raw cotton, which declined 96.27% (from $15.885 million to $0.593 million).

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Likewise, cotton yarn exports decreased 23.97% (from $639.770 to $486.426), whereas cotton cloth exports dropped 8.63% (from $1,188.990 million to $1,086.333).

It is pertinent to mention that the country’s merchandise exports increased by 5.53% during the first seven months of FY21 as compared to the corresponding period of last year.

The country’s exports were recorded at $14.242 billion during 7MFY21 against $13.496 billion during 7MFY20.

However, imports during the period under review also increased by 6.92%, from $27.316 billion to $29.205 billion.

Based on the figures, the country’s trade deficit increased 8.27% to $14.963 billion during the period under review against $13.820 billion last year.

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