Textile exports increase 2.92% YoY in Q1, 11.3% YoY in September
The exports of textile commodities witnessed a boost of 2.92% during the first quarter (Q1) of the current fiscal year (FY) as contrasted to the corresponding period of last year.
Likewise, on a year-on-year (YoY) basis, exports grew 11.3% during the month of September 2020 as compared to the same month of the previous year.
The textile exports from the country were recorded at $3,469.5 million in July-September (2020-21) against the exports of $3,371 million in July-September (2019-20), showing a growth of 2.92%, according to fresh data from the Pakistan Bureau of Statistics (PBS).
Meanwhile, commodities that witnessed negative growth in trade included raw cotton, exports of which declined by 97.5%.
Exports of cotton cloth also decreased by 8.49%, from $499 million to $457, yarn (other than cotton yarn) by 22.8%, from $7.2 million to $0.9 million, art silk synthetic textile by 2.93% from $77.894 million to $75.615 million.
Likewise, exports of cotton (carded or combed) witnessed a 100% decline during the review period.
On a month-on-month (MoM) basis, the country’s exports increased by 18.09% during September 2020 compared to exports in August 2020.
The import of textile machinery fell by 25.09% during the first quarter of the current fiscal year— a sign that the industry took up no expansion or modernization projects in the given period.
It must be stated here that the government has lifted the ban on exports of seven products assorted as personal protective equipment (PPE) in a bid to allow manufacturers to honor international orders.
What are your views on this? Share with us in the comments below.