Textile Exports Decline by Almost 10% in First 2 Months of FY24

Pakistan’s textile group exports declined by 9.49 percent during the first two months (July-August) of the current fiscal year 2023-24 (FY24) and stood at $2.766 billion compared to $3.056 billion during the same period of FY23, according to data released by Pakistan Bureau of Statistics (PBS).

The data revealed that on a month-on-month (MoM) basis, textile exports registered 10.95 percent growth in August 2023 and stood at $1.455 billion compared to $1.311 billion in July 2023. On year-on-year (YoY) basis textile exports declined by 7.65 percent in August 2023 compared to $1.575 billion in August 2022.

The country’s overall exports during July-August FY24 stood at $4.434 billion (provisional) against $4.733 billion in the corresponding period of last year, showing a decrease of 6.32 percent. The exports in August 2023 stood at $2.366 billion (provisional) compared to $2.068 billion in July 2023, showing an increase of 14.41 percent. However, they decreased by 4.71 percent compared to $2.483 billion in August 2022.

Main commodities of exports during August 2023 were Knitwear (Rs. 117,892 million), Readymade garments (Rs. 83,447 million), Bed wear (Rs. 74,081 million), Cotton Cloth (Rs. 47,002 million), Cotton Yarn (Rs. 30,793 million), Towels (Rs. 25,567 million), Madeup articles (excl. towels and bedwear.) (Rs. 18,377 million), Rice Others (Rs. 18,073 million), Rice basmati (Rs. 16,271 million) and Meat and meat preparations (Rs. 11,210 million).

Source: Pro Pakistani