Pakistan's textile & apparel exports decline 3% in July

The textile sector continued to face economic challenges, except for a few months of slightly better demand. The sector contributed 55.10 per cent to Pakistan's overall exports of $2.307 billion in July 2024. This represents a decline from its 63.54 per cent share in the same month of the 2023-24 fiscal.

In terms of categories, knitwear exports decreased by 1.66 per cent year-on-year to $357.69 million, while exports of non-knit readymade garments increased by 7.57 per cent to $295.52 million. Cotton yarn exports decreased by 42.54 per cent to $55.75 million, whereas cotton fabric exports fell by 0.56 per cent to $140.15 million. Bedwear exports eased by 1.20 per cent to $214.31 million.

Regarding imports, synthetic fibre imports decreased by 33.23 per cent year-on-year to $39.86 million. Imports of synthetic and artificial silk yarn slipped by 17.68 per cent to $48.30 million. However, imports of textile machinery by Pakistan in July 2024 rose by 36.49 per cent year-on-year to $18.67 million, indicating a revival of new investments in the sector.

During fiscal 2023-24, Pakistan's textile and apparel exports had edged up by 0.93 per cent to $16.655 billion. For fiscal 2022-23, exports decreased by 14.63 per cent to $16.501 billion, compared to $19.329 billion in fiscal 2021-22.

ALCHEMPro News Desk (KUL)