The textile sector, which is facing challenges such as a global economic slowdown, contributed 54.27 per cent to Pakistan's overall exports of $22.930 billion from July 2023 to March 2024. This is a decline from its 59.31 per cent share in the same period of fiscal 2022-23.
As for categories, knitwear exports dropped by 4.43 per cent year-on-year to $3,240.27 million. Non-knit ready-made garments also saw a decline, falling by 2.27 per cent to $2,596.93 million. However, cotton yarn exports increased by 38.17 per cent to $791.81 million, while cotton fabric exports fell by 7.49 per cent to $1,422.88 million. Bedwear exports gained by 2.78 per cent to $2,088.27 million.
Coming to imports, synthetic fibre imports increased by 0.54 per cent year-on-year to $359.74 million. Imports of synthetic and artificial silk yarn gained by 0.79 per cent to $451.70 million. Textile machinery imports by Pakistan in July-March 2024 dropped significantly, by 63.68 per cent year-on-year to $104.01 million, indicating a reduction in new investments in the sector.
For fiscal 2022-23, ended on June 30, textile and garment exports from Pakistan decreased by 14.63 per cent to $16.501 billion, compared to $19.329 billion in fiscal 2021-22. This followed a 25.53 per cent rise in exports in fiscal 2020-21. In fiscal 2019-20, exports totalled $12.526 billion.
ALCHEMPro News Desk (KUL)
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