Pakistan's textile & apparel exports drop 6.33% in Jul-Oct 2023

Pakistan's textile and apparel exports fell 6.33 per cent to $5.565 billion in the first four months of fiscal 2023-24 (July-June), data from the country's ministry of commerce shows. This is a decrease from $5.940 billion in the corresponding period of the previous year. 

The textile sector, facing challenges such as a global economic slowdown, contributed 57.97 per cent to Pakistan's total exports of $9.599 billion from July to October 2023. This is a slight decline from its 59.50 per cent share of the total exports of $27.734 billion in fiscal 2022-23. 

Category-wise, knitwear exports dropped 13.41 per cent year-on-year to $1,482.86 million. Non-knit ready-made garments also saw a decline, falling 8.71 per cent to $1,083.68 million. However, cotton yarn exports increased by 42.85 per cent to $407.56 million, while cotton fabric exports fell 13.94 per cent to $645.54 million. Bedwear exports declined by 5.18 per cent to $945.18 million. 

On the import front, synthetic fibre imports decreased by 3.45 per cent year-on-year to $180.45 million. Conversely, imports of synthetic and artificial silk yarn rose 4.46 per cent to $210.96 million. Textile machinery imports by Pakistan in July-October 2023 dropped significantly, by 74.99 per cent year-on-year to $46.95 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)