First 11 months of FY 2023-24: Textile group exports up by around 1.41pc

ISLAMABAD: The country’s textile group exports increased by around 1.41 per cent during the first 11 months (July-May) of the current fiscal year 2023-24 and remained at $15.241 billion as compared to $15.029 billion during the same period of last year, the Pakistan Bureau of Statistics (PBS) said.

The data of exports and imports released by PBS revealed that the country’s exports during July–May 2023-2024 totalled $28.117 billion (provisional) against $25.368 billion during the corresponding period of last year showing an increase of 10.84 percent.

Textile group exports witnessed an increase of 18 per cent in May 2024 on a year-on-year basis and remained at $1.558 billion when compared to $1.320 billion during the same month of last year. On a month-on-month (MoM) basis, the textile group registered 25.94 per cent growth compared to $1.237 billion in March 2024.

Cotton yarn exports registered 23.47 per cent growth in July-May and remained $910.193 million compared to $737.185 million during the same period of the last year. On year-on-year basis, cotton yarn exports registered 35.96 per cent negative growth, while on MoM basis, it registered 18.77 per cent growth.

According to the provisional figures compiled by the Pakistan Bureau of Statistics, exports in May 2024 were $2.840 billion (provisional) as compared to $2.351 billion in April 2024 showing an increase of 20.80 percent over April 2024 and increased by 29.27 percent as compared to $2.197 billion in May 2023.

Pakistan rice exports in 11 months reached a milestone. During July-May rice exports touched to 5.593 million tons. In the same period last year, it was around 3.517 million tons. Rice exports record an increase of 81.23 per cent. Rice exports fetched $3.628 billion, during the first 11 months compared to $2.001 billion during the same period of last fiscal year.

The main commodities of exports during May 2024 were knitwear (Rs115,022 million), readymade garments (Rs97,564 million), bed wear (Rs77,184 million), rice others (Rs75,311 million), cotton cloth (Rs48,117 million), towels (Rs28,768 million), petroleum products (excl Top Naphta) (Rs25,393 million), rice basmati (Rs20,807 million), made-up articles (excl towels and bedwear) (Rs18,558 million) and cotton yarn (Rs17,883 million).

Copyright Business Recorder, 2024