Textile exports drop 15.2pc to $1.357bn in Oct

ISLAMABAD: Pakistan’s textile exports in October 2022 have slashed by 15.2 percent to $1.357 billion over the corresponding month a year ago. Over the previous month too, its exports declined by 11.1 percent, with major decline in components including cotton cloth, knitwear, bedwear, towels, and readymade garments.

In October 2021, textile group exports were $1.6 billion, while in the previous month of September 2022, it was at $1.53 billion, the Pakistan Bureau of Statistics (PBS) said on Thursday.

In July-October 2022/23, the textile sector’s total exports declined by 1.34 percent to $5.94 billion from last year’s exports of $6.02 billion.

During the month under review, cotton cloth exports reduced by 16.5 percent to $169.6 million against $203.1 million in September 2022, while compared with October 2021’s exports of $183.6 million, it went down by 7.65 percent.

Over the previous month, knitwear exports in October 2022 were down by 10.25 percent to $391.7 million, bedwear by 18.8 percent to $217 million, towels 8.8 percent to $79.58 million, readymade garments by 0.5 percent to $275.6 million, and cotton yarn sales by over 35 percent to $49.1 million.

Likewise, over the corresponding month of last year (October 2021), cotton cloth exports shed 7.65 percent, knitwear 14.32 percent, bedwear 24.6 percent, towels 3.04 percent, readymade garments 7.4 percent and cotton yarn exports declined 53.8 percent. The energy shortage and its high tariffs, high financing costs, and a slowdown in the global economy were a few key challenges facing the sector. The recent devastating floods have also destroyed cotton crops and it could be a challenge for the industry.

Textile sector’s exports in the last financial year (July-June FY2021-22) were at a historic high of $19.35 billion, with an increase of over 25 percent against FY21’s exports of $15.4 billion. Rice exports in October 2022 declined by 16.1 percent to $143.8 million against $171.4 million in October 2021. However, of this, basmati exports increased by 15 percent to $51.6 million. Vegetable exports increased almost 90 percent to $34.3 million.

Likewise, football exports increased 71 percent to $22.2 million in October over the same month a year ago. Leather manufacturing exports increased by 1.8 percent to $53.5 million, surgical goods by 6.8 percent to $39.4 million, engineering goods by 46 percent to $24 million, and cement exports also went up by 94 percent to $19.9 million against the corresponding month of last year.

Imports

Pakistan imported 25.9 percent fewer petroleum products in October 2022, worth $1.19 billion against $1.6 billion in October 2021. Its imports declined by 24 percent from $1.56 billion in the previous month (September 2022). Of this, the