Inside Financial Markets
Textile exports increase 6.69% to $9.999 billion in 8 months - Inside Financial Markets

Textile exports increase 6.69% to $9.999 billion in 8 months

– Associated Press of Pakistan

The exports of textile commodities witnessed an increase of 6.69 percent during the first eight months of the current fiscal year as compared to the corresponding period of last year.
The textile exports were recorded at $9,999.770 million in July-February (2020-21) against the exports of $9,372.819 million in July-January (2019-20), showing growth of 6.69 percent, according to latest data of Pakistan Bureau of Statistics (PBS).

The textile commodities that contributed in trade growth included knitwear, exports of which increased from $2090.039 million last year to $2467.006 million during the current year, showing growth of 18.04 percent.

Likewise, the exports of yarn (other than cotton yarn) increased by 7.70 percent, from $18.879 million to $20.333 million whereas, exports of bed wear increased by 13.71 percent from $1597.868 million to $1816.882 million.

The exports of towels increased by 16.31 percent, from $525.048 million to $610.684 million; exports of tents, canvas and tarpulin grew by 33.27 percent, from $61.704 million to $82.230 million; ready made garments by 2.56 percent, from $1961.293 million to $2011.505 million; madeup articles, excluding towels and beadwear by 15.14 percent, from $439.460 million to $505.986 million.

Meanwhile, the commodities that witnessed negative growth in trade included raw cotton, exports of which decreased by 96.47 percent, from $16.797 million to $0.593 million; cotton yarn decreased by 17.73 percent, from $737.417 million to $606.685 million whereas the exports of cotton cloth also decreased by 10.37 percent, from $1378.220 million to $1235.298 million.

On year-on-year basis, the textile exports decreased by 3.12 percent during the month of February 2021 as compared to the same month of last year. The exports during February 2021 were recorded at $1234.031 million against the exports of $1273.745 million.

On month-on-month basis, the exports from the country witnessed decrease of 6.75 percent during February 2021 when compared to the exports of $1323.324 million in January 2021.

It is pertinent to mention here that the overall merchandize exports from the country increased by 4.29 percent during the first eight months of the current fiscal year (2020-21) as compared to the corresponding period of last year.

The exports of the country during July-February (2020-21) were recorded at $16.304 billion against the exports of $15.633 billion during July-February (2019-20), according to the latest PBS data.

The imports during the period under review also increased by 7.49 percent by growing from $31.483 billion last year to $33.840 billion during the first eight months of current fiscal year.

Based on the figures, the country’s trade deficit increased by 10.64 percent during the first eight months as compared to the corresponding period of last year. The trade deficit during the period was recorded at $17.536 billion against the deficit of $15.850 billion last year.

Syed Zaki Hussain

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