Pakistan's textile & apparel exports drop 6.50% in Jul-Nov 2023

Pakistan's textile and apparel exports fell by 6.50 per cent to $6.883 billion in the first five months of fiscal 2023-24 (July-June), according to data from the country's ministry of commerce. This marks a decrease from $7.361 billion in the corresponding period of the previous year. 

The textile sector, which is facing challenges such as a global economic slowdown, contributed 56.55 per cent to Pakistan's total exports of $12.172 billion from July to November 2023. This is a decline from its 61.65 per cent share of the total exports of $11.942 billion in the same period of fiscal 2022-23. 

In terms of categories, knitwear exports dropped 13.11 per cent year-on-year to $1,835.78 million. Non-knit ready-made garments also saw a decline, falling 9.45 per cent to $1,370.74 million. However, cotton yarn exports increased by 50.30 per cent to $493.28 million, while cotton fabric exports fell 13.35 per cent to $783.09 million. Bedwear exports declined by 5.62 per cent to $1,150.78 million. 

Regarding imports, synthetic fibre imports decreased by 7.77 per cent year-on-year to $206.91 million. Imports of synthetic and artificial silk yarn eased by 2.00 per cent to $258.74 million. Textile machinery imports by Pakistan in July-November 2023 dropped significantly, by 73.31 per cent year-on-year to $56.80 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)