Textile exports increase 8% from July-Jan FY21

KARACHI: Textile and clothing exports increased over eight percent to $8.76 billion on a year-on-year basis in the seven months of the current fiscal year, according to data released by the Pakistan Bureaus of Statistics.

The data revealed that the textile group exports have registered an increase of 10.79 percent on year-on-year basis as it reached $1.32 billion in January 2021 compared to $1.19 billion in January 2020.

The improvement in the value-added sector helped increase overall exports by 5.62percent to $14.25bn on a year-on-year basis. Textile group exports registered 8.23 percent growth during the first seven months (July-January) 2020-21 and remained at $8.76 billion compared to $8.09 billion during the same period of last year.

Cotton yarn exports declined by 10.90 percent during January 2021 and remained at $85.69 million compared to $96.18 million during December 2020 and declined by 10.38 percent when compared to $95.62 during the same month of last year. Cotton yarn registered 23.97 percent decline during July-January 2020-21 and remained at $486.42 million compared to $639.77 million during the same period of last year.

Raw cotton exports recorded a massive decline of 100 percent in January 2021 as it stood at zero compared to $0.07 million during December 2020 and $0.54 million during January 2020. Raw cotton registered 96.27 percent decline during July-January 2020-21 and remained at $0.596 million compared to $15.88 million during the same period of last year.

Product-wise details reveal exports of knitwear increased by 18.74pc in value quantity, followed by 15.91 percent in value of bed wear respectively. The sales of readymade garments rose by 5.48 percent in value, while proceeds from towels inched up by 19.91 percent in value during the July-January period.

According to the PBS data, the export of cotton cloth declined by 8.63 percent between July and January this year from a year ago followed by cotton yarn 23.97 percent and raw cotton by 96.27 percent.

In the non-value-added sectors, the export of yarn other than cotton was up by 4.63 percent, tents and canvas 48.95 percent, art and silk 0.45 percent, made-up articles excluding towels, bed wear 18.01 percent and other textile products 37.75 percent during the period under review.

The country’s exports during July-January, 2020-2021 totaled $14.256 billion (provisional) against $13.496 billion during the corresponding period of last year showing an increase of 5.63 percent.

The exports in January 2021 were $2.146 billion as compared to $2.366 billion in December 2020, showing a decrease of 9.30 percent but increased by 8.82 percent as compared to $1.972 million in January 2020.

The country’s imports during July-January, 2020-2021 totaled $29.274 billion (provisional) as against $27.316 billion during the corresponding period of last year showing an increase of 7.17 percent.

The imports in January 2021 were $4.820 billion as compared to $4.986 billion in December 2020, showing a decrease of 3.33 percent but increased by 16.96 percent as compared to $4.121 billion in January 2020.

The country’s trade deficit widened by 8.67 percent to $15.018 billion during July-January 2020-21 compared to $13.820 billion during July-January 2019-20.