KARACHI: Despite a decrease in import of cotton and other raw materials, Pakistan has to pay 25 % more on imports of textile group commodities due to higher international prices in the first nine months of the fiscal year 2021-22.
According to statistics issued by the Pakistan Bureau of Statistics, the total value of imports of the textile group in first nine months of the fiscal year 2021-22 was recorded at $ 3,499.68 million which is 25.59 percent higher than the corresponding period of the fiscal year 2020-21. Import volume of the textile group remained $ 2,786.5 million in July-Mach 2020-21.
The PBS data shows that the import of raw cotton, synthetic fiber, and synthetic and artificial silk yarn decreased in terms of quantity during the period under review while the value of the import recorded increase due to higher prices of the commodities in the international market.
During three quarters of the current fiscal year, 533,871 metric tons of raw cotton worth $1,205.47 million were imported while in the corresponding period of the previous year 624,945 metric tons of raw cotton worth $1,032.08 million were imported showing 14.57% decrease in terms of quantity while 16.8 percent increase in terms of value.
The same trend was seen in the import of synthetic fiber as its quantity slid down 15.85 percent to 291,364 MT from 346,248 MT while import value rose 27.51 percent from $ 440.986 million to $ 562.281 million.
Import of synthetic and artificial silk yarn has recorded a 30 percent increase in value while a 7.64 percent decline in quantity as 293,191 MT of synthetic and artificial silk yarn worth $ 650.219 million were imported during the first 9 months of 2021-22 while 317,440 MT of the same commodity worth $ 499.788 million were purchased from abroad during July-March 2020-21.
Meanwhile, import of worn clothing recorded a 56.87 and 66.47 percent increase in terms of both quantity and value respectively. As per PBS data 764,139 MT of worn clothing worth $341.319 million were imported during the period as compared to 487,107 MT of worn clothing having a value of $205 million.
Import of other textile items also increased 21.64 percent during July-March 2021-22 and surged to $740.383 million from $608.677 million in the first nine months of 2020-21.