Pakistan's textile & apparel exports drop to $13.6 bn in Jul-Apr FY24

The textile sector, which is facing challenges such as a global economic slowdown, contributed 54.13 per cent to Pakistan's overall exports of $25.278 billion from July 2023 to April 2024. This is a decline from its 59.17 per cent share in the same period of fiscal 2022-23.

Regarding categories, knitwear exports dropped by 3.92 per cent year-on-year to $3,566.62 million. Non-knit ready-made garments also saw a decline, falling by 0.57 per cent to $2,888.18 million. However, cotton yarn exports increased by 32.83 per cent to $845.92 million, while cotton fabric exports fell by 7.53 per cent to $1,557.91 million. Bedwear exports gained by 1.82 per cent to $2,290.80 million.

As for the imports, synthetic fibre imports increased by 1.85 per cent year-on-year to $397.15 million. Imports of synthetic and artificial silk yarn gained by 3.20 per cent to $502.83 million. Textile machinery imports by Pakistan in July-April 2024 dropped significantly, by 60.89 per cent year-on-year to $118.20 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)