Textile exports surge 7.66pc, mount to $5.510bn in five months

ISLAMABAD: The textile exports from the country increased by 7.66 percent during the first five months of current fiscal year as against the exports of the corresponding period of last year.

The overall textile exports from the country were recorded at $5.510 billion during July-November (2017-18) against the exports of $5.118 billion during July-November (2016-17), showing growth of 7.66 percent, according to the latest data of Pakistan Bureau of Statistics (PBS).

The products that contributed in positive growth in external trade included raw cotton, the exports of which grew by 49.78 percent by going up from $33.513 million last year to $50.195 million during the current fiscal year.

Similarly, the exports of cotton yarn increased from $549.753 million to $553.391 million, showing growth of 0.64 percent while the exports of yarn (other than cotton yarn) increased from $11.061 million to $12.810 million, an increase of 15.81 percent.

During the period under review, the knitwear exports from the country increased by 12.07 percent, from $980.489 million to $1098 million while the bed wear exports increased from 6.65 percent from $888.448 million to $947.517 million.

The export of readymade garments increased by 14.69 percent by growing from $888.456 million to $1018.991 million while the exports of art, silk and synthetic textile increased by 55.30 percent, from $79.905 million to $124.096 million.

During the period under review, the exports of made up articles (excluding towels and bedwear) also increased by 7.92 percent, from $261.272 million to $281.967 million.

Meanwhile, the textile products that witnessed negative growth in trade included cotton cloth, the exports of which declined by 1.16 percent, from $898.265 million to $887.760 million while the exports of cotton (carded or combed) decreased by 95.71 percent from $0.210 million to $0.009 million.

The exports of tents, canvas and tarpaulin decreased by 33.26 percent, by declining from $52.940 million to $35.330 million, the PBS data revealed.

Meanwhile, on year-on-year basis, the textile exports during November 2017 increased by 7.45 percent compared to November 2016. According to PBS data, the textile exports during November 2017 were recorded at $1132.848 million against the exports of $1042.573 million during November 2016.

It is pertinent to mention here that the total exports from the country during July-November (2017-18) stood at $9.030 billion against the exports of $8.173 billion during the correspondent period of last year, showing growth of 10.49 percent.

The imports into the country during the period under review also increased by 21.12 percent, from $19.864 billion to $24.060 billion, according to the data.

Based on the figures, the trade deficit during the first five months of the current year was recorded at $15.030 billion against the deficit of $11.691 billion, showing growth of 28.56 percent in the overall deficit.