Textile exports down 15pc, rice by 12pc during July-May 2022-23
Business
Overall exports decline to $25.38bn against previous level of $28.271bn
ISLAMABAD (Web Desk) – The country continues witnessing a decline in textile and rice exports as the latest figures released by the Pakistan Bureau of Statistics (PBS) show a 14.72 per cent and 12.05 per cent dip respectively during the July-May period of 2022-23.
This decrease means that the overall exports of the country during the July-May period had also slumped by 12.09pc and were recorded at $25.380 billion against $28.871 billion during the corresponding period of last financial year.
The total exports in May 2023 were $2.2b against $2.137bn in April, thus showing a 2.95pc increase, but 16.16pc down as compared to $2.624bn in May 2022.
Read more: Pakistan's textile exports plummet to $13.7bn YoY
Meanwhile, the drop – 19.57pc – was even more noticeable in May – on a year-on-year basis for the textile sector, representing a contraction for the eight consecutive month. It means its exports were $1.320 billion in May against $1.641 billion during the same month of last year.
According to the PBS, the total volume of textile exports stood at $15.029 billion when compared to $17.623 billion recorded during the first 11 months of the last fiscal year.
Meanwhile, a month-on-month comparison shows that the textile exports had, however, jumped by 7.12pc to $1.232bn when compared to April.
Earlier, the All Pakistan Textile Mills Association (APTMA) had claimed that Pakistan witnessed a 20pc decline in textile exports in May on a year-on-year basis.
The story is the same with rice exports which declined by 12.05pc during the first 11months of 2022-23 and remained at just over $2b against last year’s figures of $2.276bn.
