ISLAMABAD: Pakistan’s textile group, a traditional stronghold of Pakistan’s export sector, showed robust performance in August 2024, as its sales abroad increased by 13 percent to $1.64 billion compared to $1.45 billion in the same month of last year.
Within the textile sector, ready-made garments were the standout category, witnessing growth of 28 percent. The August increase in textiles exports marks the first increase in three months, as previously in June and July, its exports dropped, according to the latest data from the Pakistan Bureau of Statistics (PBS).
This compared to the previous month’s exports of $1.27 billion, August’s exports up by 29.4 percent. For the fiscal year 2023-24 (July-June), total textile exports showed a modest year-on-year increase of 0.9 percent, reaching $16.65 billion.
In August 2024, exports of all major textile components increased. Cotton cloth exports increased by 14 percent to $182.5 million, knitwear exports up by 15.4 percent to $462.9 million, bedwear by 15.2 percent to $290.45 million, and towels by 15.7 percent to $100.67 million. Likewise, readymade garments exports also increased by 27.8 percent, reaching $363 million compared to August 2023.
Exports of unfinished products, primarily raw items, in the sector saw a notable decline, indicating a shift by the industry toward using these materials to manufacture finished products. Cotton yarn exports dropped significantly by 47.7 percent, falling to $54.8 million. Raw cotton exports dropped to zero during the month under review.
Pakistan’s food exports saw a significant increase in August 2024, rising by 40.35 percent to $536 million from $382 million in August 2023. Rice exports were a major contributor, totaling $259 million, a 121.5 percent increase from the previous year. Basmati rice exports surged by 81.2 percent to $100.1 million, and other rice exports rose by 157.7 percent to $158.8 million.
Among other food categories, fish and fish preparations exports decreased by 20.6 percent to $16.2 million, while fruit exports increased by 8.7 percent to $30.2 million. Meat and meat preparations exports slightly reduced by 0.55 percent to $38.4 million. Vegetable exports increased by 22.2 per cent to $22.24 million, and sugar exports saw increase of 62.2 percent to $28.6 million.
Exports of sports goods declined by 2.2 percent to $32.6 million, with football exports rising by 3.8 percent to $20.9 million. However, surgical goods and medical instruments exports up by 7.1 percent to $38.6 million, and cement exports dropped by 5.45 percent to $22.2 million. Chemical and pharmaceutical exports, also down by 6.2 percent to $129.5 million in August 2024 compared to the same month last year.
Imports Overview
Pakistan’s petroleum imports in August 2024 moderately increased by 1.35 percent to $1.398 billion from $1.379 billion in August 2023. Crude oil imports increased by 43.67 percent to $584 million, liquefied natural gas (LNG) imports up by 24.9 per cent to $382 million and liquefied petroleum gas (LPG) increased by 71.4 percent to $90.1 million. However, petroleum products imports dip by 44.35 percent to $342.1 million.
For the fiscal year 2023-24, petroleum imports showed a slight decrease of 0.61 percent, totaling $16.9 billion compared to $17.1 billion in the previous fiscal year.
Machinery imports in August 2024 down by 2.2 percent year-on-year to $626.5 million, down from $6490.6 million in August 2023. Textile machinery imports increased by 41.5 percent to $14.1 million, power generation machinery by 4.3 percent to $47.1 million, and agriculture machinery by 152 percent to $11.2 million. Construction and mining machinery import a little increased by 0.64 percent to $8.14 million. Imports of electrical machinery and apparatus saw a significant increase of 53.26 percent to $253.1 million.
Telecom machinery imports however declined by 20.3 percent to $119.3 million, with mobile phone imports declined by 28.7 percent to $79 million.
The transport sector’s total imports in July 2024 increased by 48.7 percent to $201.6 million, up from $135.6 million in August 2023. Spending on road motor vehicles (built units, CKD/SKD) stood at $192.6 million, 43.1 percent more than the previous year.
Imports of completely built units (CBU) for buses, trucks, and other heavy vehicles increased by 36.1 percent to $33.8 million, while motor car imports rose by 21 percent to $24.4 million. CKD/SKD imports for buses, trucks, and other heavy vehicles also increased by 58.6 percent to $132 million, and motor car imports increase by 63.2 percent to $99 million. Motorcycle imports stood at $3.63 million, and parts and accessories imports at $23.8 million.