Textile exports up by over 2.78pc to $1.006bn in July

ISLAMABAD: The textile exports from the country witnessed increase of 2.78 percent during the first month of the current fiscal year as compared to the corresponding month of last year.

The textile exports during July 2017 were recorded at $1006.639 million against the exports of $979.414 million in July 2016, according to the data released by Pakistan Bureau of Statistics (PBS).

The textile sectors that contribute in growth in trade included cotton yarn, exports of which grew by 6.3 percent by going up from $102.565 million in July 2016 to $109.025 million in July 2017.

The exports of bed wear increased from $169.474 million to $170.443 million, showing increase of 0.57 percent while the exports of tents, canvas and tarpaulin increased by 25.76 percent by going up from $3.839 million to $4.828 million.

Pakistan also exported readymade garments of $212.521 million in July 2017 compared to the exports o f$176.407 million, showing an upward growth of 20.47 percent whereas there had been increase of 340 percent in the exports of art, silk and synthetic textiles, which grew from just $5.339 million in July 2016 to $23.514 million in July 2017.

The exports of madeup articles (excluding towels) increased by 4.05 percent by going up from $46.510 to $48.395 during the month under review.

Meanwhile, the textile products that witnessed negative growth during the month under review included raw cotton, exports of which decreased by 69.88 percent by falling from $3.274 million in July 2016 to $0.986 million in July 2017.

The exports of cotton cloth also decreased from $173.638 to $160.228, showing decline of 7.72 percent while the exports of yarn (other than cotton yarn) also decreased by 33.84 percent, from $1.634 million last year to $1.081 million in July 2017.

Knitwear exports decline 5.8 percent, from $205.685 million to $193.749 million, towels by 13.01 percent, from $58.958 million to $51.288 million while exports of other textile materials decreased by 4.71 percent by going down from $32.091 million in July 2016 to $30.581 million in July 2017.

Meanwhile, on month-on-month basis, the overall textile exports from the country decreased by 17.34 percent in July 2017 compared to the exports of $1217.750 million in June 2017.

It is pertinent to mention here that the overall merchandise exports from the country witnessed 10.58 percent increase compared to the corresponding month of last year.

Pakistan exported goods worth $1.631 billion in July 2017 compared to the exports of $1.475 billion in July 2016, showing upward growth of 10.58 percent.

On the other hand, the imports during the first month of the current fiscal year (July 2017) increased by 36.74 percent compared to July 2016.

The imports into the country during July 2017 were recorded at $4.835 billion compared to the imports of $3.536 billion.

Based on the figures, the traded deficit during July 2017 was recorded at $3.204 billion, which shows growth of 55.46 percent when compared to the deficit of $2.061 billion during July 2016.