The textile sector, which is facing challenges such as a global economic slowdown, contributed 55.25 per cent to Pakistan’s overall exports of $14.991 billion from July to December 2023. This is a decline from its 61.20 per cent share in the same period of fiscal 2022-23.
In terms of categories, knitwear exports dropped 10.65 per cent year-on-year to $2,202.53 million. Non-knit ready-made garments also saw a decline, falling 8.93 per cent to $1,669.25 million. However, cotton yarn exports increased by 54.25 per cent to $588.53 million, while cotton fabric exports fell 13.10 per cent to $926.68 million. Bedwear exports declined by 3.55 per cent to $1,377.11 million.
Regarding imports, synthetic fibre imports decreased by 10.84 per cent year-on-year to $234.55 million. Imports of synthetic and artificial silk yarn eased by 4.67 per cent to $310.37 million. Textile machinery imports by Pakistan in July-December 2023 dropped significantly, by 71.17 per cent year-on-year to $68.86 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)
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