Textile exports posts 4% growth in four months, cross $4.5 billion mark
ISLAMABAD (APP):Textile group exports from the country during the first four months (July-October) of the current financial year increased by 4.1% as compared to the exports of the corresponding period of last year.
Meanwhile, textile sector exports witnessed about 7.44% growth in the month of October, as against the exports of the same month of last year, according to the latest data of advance releases on foreign trade statistics, released by the Pakistan Bureau of Statistics on Tuesday.
During the period from July-October, 2019-20, textile products worth over $4.586 billion were exported as against the exports of $4.406 billion of the same period last year, showing an increase of 4.1 percent.
On month on month basis, the textile products of over $1.214 billion were exported in the month of October, as compared to the exports of $1.130 billion of same month last year.
During the period under review, exports of ready made garments grew by 12 percent, knitwear 9.49 percent, bed wear 5.72 percent, towels 0.80 percent, art, silk and synthetic textile increased by 9.46 percent respectively, it added.
Meanwhile the exports of raw cotton from the country during the period under review increased by 0.78 per cent, cotton carded or combed 100 per cent and yarn other than cotton yarn grew by 21.24 per cent respectively, the data revealed.
However, in the last four months of current financial year, the exports of textile products which observed negative growth in their respective exports included cotton yarn decreased by 2.14 percent, cotton cloth 4.83 percent,tents, canvas and tarpulin by 1.58 percent, it added.
During the period from July-October, 2019 country exported about 40,246 thousand dozen of knit wear valuing $1.054 billion as against the exports of 37,790 thousand dozen worth of $962.862 million of same period of last year, which was up by 9.49 percent, it said
During the period under review, 172,547 metric tons of bed wear worth $817.665 million were also exported as compared the exports of 144,574 metric tons valuing $773.447 million of same period of last year.
The exports of above mentioned product witnessed 5.72 percent growth in the first four months of current financial year.
Meanwhile, 58,030 metric tons of towels worth $251.647 million also exported as compared the exports of 60,041 metric tons valuing $249.651 million of same period of last year.
From July-October, country fetched $906.663 million by exporting about 19,954 thousand dozen of ready made garments, which were recorded at 15,119 thousand dozen worth $809.520 million of corresponding period of last year.
However, exports of raw cotton from the country came down from $392.948 million in first four months of last financial year to $384.553 million in the same period of current financial year.
It may be recalled here that country’s merchandise trade deficit plunged by 33.52 percent during the first four months of the current fiscal year (2019-20) as compared to the deficit of the same month of last year.
According to the data the trade deficit during July-October (2019-20) was recorded at $7.776 billion against the deficit of $11.696 billion during July-October (2018-19).
The exports during the period increased from $7.270 billion during last year to $7.547 billion during the current fiscal year, showing growth of 3.81 percent.
On the other hand, the imports into the country witnessed decline of 19.21 percent by falling from US $ 18.966 billion last year to $15.323 billion during the current fiscal year, the data revealed.
Meanwhile, on year-on-year basis, the exports from the country increased by 6.75 percent by growing from $1.896 billion during October 2018 to $2.024 billion in October 2019.
On the other hand, imports declined by 15.14 percent by going down from $4.801 billion in October 2018 to $4.074billion in October 2019.
On month-on-month basis, the exports from the country increased by 14.41 percent in October 2019 when compared to the imports of $1.769 billion in September 2019. On the other hand, the imports into the country witnessed increase of 7.64 percent.
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