Exports Reviews of the non-textile sector in July
Exports Reviews of the non-textile sector in july experienced a 9 percent drop. The Pakistan Bureau of Statistics data shows an 8.99% decrease in the non-textile sector’s export rate from the previous year during the initial month of the current fiscal year.
Introduction to Exports Reviews
The change in export trend, stemming from the increased focus on value-added products, has led to a decrease in exports. The slump in export productivity indicates a bearish market due to insufficient buyer interest, with the non-textile sector experiencing stagnation since the beginning of FY 2023.
Market’s recent situation
Despite the market’s recent situation, exports from the non-textile sector have remained unchanged since the start of FY23, due to a decrease in demand from buyers. This contrasts with last year, when exports showed growth. Didn’t get to see it. The $11.23 billion difference in non-textile exports from the previous year represents a 9.87% decrease in fiscal year 2023.
In July, a 10.98 percent decrease in exports of leather products and apparel (such as leather jackets, socks, tops, and shoes) occurred. Raw leather exports have decreased by a remarkable 41.08%. A notable decline of 30.43% was recorded in July’s carpet and raw carpet exports. July’s cement exports showed an impressive surge of 186.86%. The information indicates a notable improvement in exports for the cement industry.
Export Surgical Instruments
The low value of surgical instrument exports can be attributed to the fact that Western countries buy them at a low price and rebrand them under renowned labels. Reselling, Western countries profit, but we, the top supplier of surgical instruments, fail to benefit. Last July’s export of surgical instruments saw a 2.00% increase compared to the same month this year.
Footwear and Engineering Goods
A drop of more than 31% was observed in footwear exports throughout July. A 5.77 percent decrease in engineering goods exports has been observed during the financial year 2024, starting from July, compared to the previous year.
Export of Electric fans
The exports of electric fans during that month decreased by 14.17%. A notable 8.87% rise in pharmaceutical products took place between July 2023 and the same time last year. The increase in sports goods exports amount to 0.81%. As the sale of football has declined by 1.5%. Pakistan’s participation in the tournament result in an exponential rise in sports goods exports. During 2023, a year of significant impact, sports goods exports demonstrate a noticeable boost.
A decrease of 26.19% has see in the export of jewelery during this month. Likewise, a negative growth rate of 54.16% has seen in the export of precious stones and gems. Compared to a year ago, in July, rice exports increase by 15.78% in value and production decrease by 31.65%.
Since our fiscal deficit is very high and the lifting of the import ban is putting pressure on the rupee, in this case our fiscal deficit will not decrease unless we increase our total income and production by reduce our expenditure. And from the economic indicators, it seems that the economy will start to recover because the pressure on the economy right now is due to payments due to the lifting of import restrictions. Slowly the economy will start coming in its right direction.