The textile sector, which is facing challenges such as a global economic slowdown, contributed 54.74 per cent to Pakistan's overall exports of $20.359 billion from July 2023 to February 2024. This is a decline from its 60.09 per cent share in the same period of fiscal 2022-23.
In terms of categories, knitwear exports dropped by 5.69 per cent year-on-year to $2,903.54 million. Non-knit ready-made garments also saw a decline, falling by 2.99 per cent to $2,309.66 million. However, cotton yarn exports increased by 48.18 per cent to $748.31 million, while cotton fabric exports fell by 8.71 per cent to $1,259.90 million. Bedwear exports gained by 2.08 per cent to $1,873.01 million.
Regarding imports, synthetic fibre imports decreased by 3.67 per cent year-on-year to $317.40 million. Imports of synthetic and artificial silk yarn eased by 1.89 per cent to $408.43 million. Textile machinery imports by Pakistan in July-February 2024 dropped significantly, by 64.69 per cent year-on-year to $94.54 million, indicating a reduction in new investments in the sector.
For fiscal 2022-23, which 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)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
