Textile exports fall for 3rd consecutive month
Business
Textile exports fall for 3rd consecutive month
ISLAMABAD (Web Desk) – Textile and clothing exports have moved downward for third consecutive month production costs grows, the Pakistan Bureau of Statistics (PBS) said on Wednesday.
The export value of textile and clothing exports contracted 9.95 per cent in the first quarter (July-September) FY24 to $4.12 billion from $4.58bn in the corresponding period last year.
In September, the textile and clothing exports shrank 10.88pc to $1.36bn from $1.52bn in the same month last year.
The exports of textile and clothing contracted by 14.63pc to $16.50bn in FY23. However, the total merchandise exports dipped 12.71pc to $27.54bn from $31.78bn in the preceding year.
The PBS data exhibited the exports of readymade garments shrank 11.21pc in value in July-September but grew by 8.24pc in quantity, while knitwear dipped 15.83pc in value but grew 34.14pc in quantity, bedwear posted a negative growth of 10.02pc in value and but grew 1.39pc in quantity.
However, towel exports slightly went up by 2.89pc in value and 16.24pc in quantity, while those of cotton cloth dipped by 18.15pc in value and 7.50pc in quantity.
Nevertheless, the export of raw cotton and yarn increased by over 12pc and 33.5pc during the first quarter of FY24.
The export of made-up articles — excluding towels — dipped by 5.40pc, art, silk and synthetic textile by 23.08pc and tents, canvas and tarpaulin by 8.24pc in July-September from a year ago.
The import of textile machinery declined by 75.38pc in July-September — a sign that expansion or modernisation projects were not a priority.
Furthermore, the import of raw cotton also dipped by 68.73pc in July-September from a year ago.
Oil and eatables imports dipped 29.41pc in the first quarter of the current fiscal year to $5.35bn from $7.58bn a year ago, PBS data showed.
The food import bill also fell by over 32pc to $1.85bn in the first quarter from $2.72bn in 3MFY23 with a major drop in the arrival of palm oil and pulses.
The import of palm oil declined 33.21pc followed by a 1.45pc dip in pulses and 25.91pc in soya bean oil. However, the import of tea surged by 22.34pc, and dry fruits over 51pc during the period under review.
Machinery imports plunged 6.29pc to $1.65bn in July-September from $1.76bn in 3MFY23 mainly due to a decline in almost all categories of machinery excluding office machinery and mobile phones.
