Pakistan’s Textile Exports Surge by 5.37% Over Last Two Months
In the last two months, Pakistan has witnessed a notable increase in its textile exports, reaching $2.915 billion, which marks a 5.37% rise compared to $2.766 billion during the same period last year, according to the Pakistan Bureau of Statistics. This growth highlights a solid performance in the country’s overall export sector, which saw a 14.42% increase, reaching $5.069 billion. Notably, August 2024 alone experienced a significant 12.99% increase compared to the previous year and an impressive 29.36% rise from the previous month.
Challenges Amidst Growth: Cotton Yarn Decline and Rice Export Surge
Despite the overall positive trend, there was a sharp decline in cotton yarn exports, which fell by 45.21% year-on-year and 1.64% month-on-month. Conversely, rice exports surged by 98.58% compared to last year, generating $464.667 million. Key export items such as knitwear, ready-made garments, and rice continue to demonstrate the strength and diversity of Pakistan’s export sector, playing a crucial role in the country’s trade performance.
Textile Exports Rebound with 13% Increase in August
August brought a strong recovery for Pakistan’s textile and clothing exports, with a 13% year-on-year increase, according to data from the Pakistan Bureau of Statistics (PBS). The export value reached $1.64 billion, compared to $1.45 billion during the same month last year. This rebound is further highlighted by a 29.4% month-on-month surge, indicating renewed momentum in the sector.
Fiscal Year 2024-25 Outlook: Textile Export Growth Despite July Contraction
During the first two months of the fiscal year (July-August), textile exports totaled $2.92 billion, reflecting a 5.4% increase from the same period last year. Despite a 3.1% contraction in July, which raised concerns about the sector’s future amid regional competition and taxation changes, the August rebound signifies a notable recovery as the sector navigates the challenges of fiscal year 2024-25.
Category-Specific Growth and Import Trends in August
In August, several key categories within Pakistan’s textile exports showed impressive growth. Readymade garments exports increased by 27.8% in value, with a 7.9% rise in quantity. Knitwear saw a 15.4% boost in value and an 8.1% growth in quantity. Additionally, bedwear experienced a 15.2% increase, while towels rose by 15.7% in value and 9.7% in quantity. However, cotton yarn exports saw a significant decline of 47.7% compared to last year.
On the imports side, synthetic fibre imports decreased by 8.3%, and synthetic and artificial silk yarn fell by 13.6%. Despite these declines, Pakistan’s overall exports across all sectors rose by 16.8%, reaching $2.76 billion compared to $2.36 billion in the same period last year, showcasing a resilient recovery in the textile sector.
