Pakistan's textile exports plummet to $13.7bn YoY
Business
Surging cost of production is said to be a prime cause of visible reduction in production
ISLAMABAD (Web Desk) - The exports of textile and clothing industry plunged 14.22 per cent year-on-year to $13.7 billion during the first 10 months of the current fiscal year, the Pakistan Bureau of Statistics (PBS) data reveals.
Surging cost of production is said to be a prime cause of visible reduction in production.
In April this year, the textile exports fell 29.11pc to $1.23bn, plunging from $1.73bn in the corresponding month of the previous year.
According to the PBS data, the exports of readymade garments recorded 9.63pc negative growth in value in 10MFY23 but grew by 50.82pc in quantity, while knitwear dipped 11.99pc in value but grew 7.49pc in quantity, bedwear posted a negative growth of 17.51pc in value and 22.75pc in quantity.
However, towel exports slightly decreased by 11.10pc in value and 13.84pc in quantity, whereas those of cotton cloth dipped by 16pc in value and 25.86pc in quantity.
Among primary commodities, cotton yarn exports declined by 36.71pc, while yarn other than cotton by 32.79pc. The export of made-up articles, excluding towels, dipped by 17.57pc, and tents, canvas and tarpaulin went up by 28.09pc in 10MFY23 from a year ago.
The import of textile machinery declined by 55.32pc during the first 10 months of the current fiscal year.
The factors impeding textile exports are rising energy costs, delayed refunds, scarcity of raw materials, and a global decline in demand, despite the significant depreciation of the local currency.
