The textile sector has faced multiple challenges, including a global economic slowdown affecting key supplier countries like Pakistan. Textile and garment exports made up 59.74 per cent of Pakistan's total exports of $6.910 billion in July-September 2023. In comparison, the textile group's share was 59.50 per cent of the total exports, which amounted to $27.734 billion, during fiscal 2022-23.
Category-wise, knitwear exports dropped by 15.83 per cent year-on-year to $1,111.82 million, during the period under review. Exports of non-knit readymade garments also declined, falling by 11.21 per cent to $809.32 million.
Regarding textiles, cotton yarn exports increased by 33.50 per cent to $315.40 million in July- September 2023, while exports of cotton fabric fell by 18.15 per cent to $475.19 million. Additionally, bedwear exports declined by 10.02 per cent to $701.57 million during this period, according to the data.
On the import front, synthetic fibre imports decreased by 4.89 per cent year-on-year to $142.15 million in the same period. Meanwhile, imports of synthetic and artificial silk yarn eased by 0.05 per cent to $156.38 million.
The value of textile machinery imports by Pakistan in July- September 2023 decreased significantly, falling by 75.38 per cent year-on-year to $35.98 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)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
