The exports of textile goods increased by 4.18% during the first two months of the current fiscal year as compared to the corresponding period of last year. According to the latest data released by Pakistan Bureau of Statistics (PBS), textile goods exports were recorded at $3.056 billion in July-August (FY 2022-23) against the exports of $2.933 billion in July-August (FY 2021-22). The raw cotton exports stood at $5.563 million during the period under review. Other commodities that witnessed growth in trade included cotton cloth, the exports of which grew by 2.65%, to $377.374 million from $367.624 million, and knit wear, the trade of which increased by 16.95%, to $884.759 million from $756.522 million.

Likewise, exports of tents, canvas and tarpaulin increased by 56.82%, from $12.250 million to $19.210 million, readymade garments by 8.49%, from $584.941 million to $634.596 million, and art, silk and synthetic textile by 2.43%, from 69.202 million to $70.887 million.
Textile goods that witnessed negative growth in trade included cotton yarn, the exports of which declined by 17.03%, from $193.389 million to $160.453 million.

The exports of cotton (carded or combed) declined by 89.61%, from $0.770 million to $0.080 million, yarn (other than cotton yarn) by 0.81%, from $7.770 million to $7.707 million, bedwear by 3%, from $528.109 million to $512.291 million, towels by 6.61%, from $160.614 million to $150.001 million, made-up articles (excluding towels, bedwear) by 13.63%, from $133.356 million to $115.183 million, while the exports of all other textile materials went down by 0.76%, from $119.192 million to $118.283 million.

On a year-over-year (YoY) basis, textile goods exports increased by 7.71% in August 2022 to $1.575 billion against exports of $1.462 billion in August 2021. On a month-over-month (MoM) basis, textile good exports went up by 7.07% in August 2022 as compared to exports of $1.481 million in July 2022, according to the PBS data. The overall merchandize exports from the country witnessed an increase of 3.75% during the first two months of the current fiscal year as compared to the corresponding period of the last year.

Overall exports from the country were recorded at $4.759 billion during July-August 2022-23 against the exports of $4.587 billion during the corresponding period of 2021-22. On the other hand, imports into the country decreased by 9.25%, from $12.152 billion during July-August last year to $11.028 billion during July-August 2022-23. Based on data, trade deficit during the period under review was recorded at $6.269 billion, showing a decrease of 17.13% from the deficit of $7.565 billion recorded last year.

Credit: Independent News Pakistan-WealthPk