Pakistan's textile and garment exports have faced numerous challenges since the last fiscal. The global economic slowdown has adversely affected textile exports for major supplier countries, including Pakistan. The country is working to streamline its textile exports amid ongoing economic crises.
Textile exports contributed 62.40 per cent to Pakistan's total goods exports, which amounted to $4.433 billion in July-August 2023. In comparison, the share of the textile group was 59.50 per cent in the total exports of $27.734 billion during the fiscal 2022-23.
Category-wise, knitwear exports decreased by 13.42 per cent year-on-year to $765.80 million during the period under review. Meanwhile, exports of non-knit readymade garments declined by 11.95 per cent to $558.75 million.
Regarding textiles, cotton yarn exports increased by 25.79 per cent to $201.84 million in July-August 2023, while exports of cotton fabric fell by 20.26 per cent to $300.91 million. Additionally, bedwear exports declined by 8.44 per cent to $469.05 million during this period, according to the data.
On the import front, synthetic fibre imports decreased by 6.17 per cent year-on-year to $107.94 million in the same period. Meanwhile, imports of synthetic and artificial silk yarn dropped by 3.88 per cent to $112.64 million.
The value of textile machinery imports by Pakistan in July-August 2023 decreased significantly, falling by 74.63 per cent year-on-year to $23.75 million. This reflects a drop in new investments in the sector.
In 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 the previous fiscal 2021-22. Notably, the country had seen a rise of 25.53 per cent in exports in fiscal 2020-21. In fiscal 2019-20, the exports amounted to $12.526 billion.
ALCHEMPro News Desk (KUL)
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