Jul-Sep textile group's exports up 3.7% year-on-year to $3.58bn

Pakistan’s textile group exports witnessed a growth of 3.7% during the first quarter (July-September) of the current fiscal year 2022-23 and clocked in at $4.584 billion compared to $4.421 billion during the same period of last year, the Pakistan Bureau of Statistics (PBS) said on Tuesday.

Data on external trade balance revealed that the country’s textile group exports witnessed a growth of 2.7% in September 2022 on a year-on-year basis (YoY) and remained at $1.527 billion when compared to $1.487 billion during the same month of last year.

On a month-on-month (MoM) basis, textile group registered a marginal decline of 3.1% compared to $1.575 billion in August 2022.

The country’s total exports during July–September 2022 stood at $7.179 billion (provisional) against $6.996 billion during the corresponding period of last year, an increase of 2.6%.

The exports in September 2022 were $2.45 billion (provisional) as compared to $2.48 billion in August, 2022, a decrease of 1.45% on a monthly basis. However, on a year-on-year basis, the amount was 1.54% higher, when compared with $ 2.41 billion in September, 2021.

Jul-Aug textile group exports up 4.18pc to $3.056bn YoY

Petroleum group imports witnessed a growth of 5.9% during the first quarter of the current fiscal year 2022-23 and remained at $4.866 billion compared to $4.593 billion during the same period of last fiscal year.

Petroleum group import registered a decline of 16.2% on an MoM basis in September 2022 and remained $1.564 billion compared to $1.866 billion in August and registered a 3.9% growth on a YoY basis when compared to $1.506 billion in September 2021.

Total imports of the country during July–September 2022 totalled $16.4 billion (provisional) as against $18.715 billion during the corresponding period last year, showing a decrease of 12.4%.

The imports in September, 2022 were $5.347 billion (provisional) as compared to $6.071 billion in August, 2022 showing a decrease of 11.93% and 18.53% as compared to $6,563 million in September, 2021.

Pakistan’s trade deficit narrowed by 21.3% during the quarter of the current fiscal year and stood at $9.221 billion compared to $11.719 billion during the same period of the last fiscal year.

The trade deficit declined by 19.2% on a month-on-month basis to $2.901 billion in September 2022 when compared to $3.589 billion in August 2022.