Textiles Exports and Clothing Decreased by 9.49%
Exports of textile and apparel declined by 9.49 percent on a year-on-year basis due to rising production costs and liquidity problems. During the first two months of the current fiscal year, textile and apparel exports declined by 9.49 percent on a year-on-year basis due to rising production costs and liquidity problems. According to the report of newspaper, according to the data released by the Pakistan Bureau of Statistics (PBS), the exports of textiles and clothing decreased to 2 billion 76 million dollars during July-August, which is 80 billion dollars of last year. 3.5 billion was recorded during the period, this downward trend is likely to continue in the first half of FY2024.
Textile Exporters
Caretaker Commerce Minister Gauhar Ijaz had recently claimed that the government would soon provide regionally competitive energy prices to textile exporters and also resolve liquidity issues by issuing pending tax refunds.
Clothing Exports Declined
During fiscal year 2023, textile and clothing exports declined by 14.63% year-on-year to $16.5 billion, while Pakistan’s total product exports recorded a decline of 12.71% to $27.54 billion. It was 31 billion 78 million dollars in the last financial year.
Pakistan Bureau of Statistics
The data of Pakistan Bureau of Statistics shows that the exports of ready-made garments decreased by 11.95% in terms of value from July to August, but increased by 25.71% in terms of value. increased by 38.22%, Bedwear exports were negative by 8.44% in terms of value and 2.72% in terms of quantity.
Exports of Towels
However, the exports of towels increase by 6.52%. In terms of value and 17.82% in terms of quantity. While cotton cloth decrease by 20.26%. In terms of value and 12.14% in terms of quantity. There was a decrease. Among primary commodities, exports of cotton yarn increase by 25.79 percent. While exports of other than cotton yarn decrease by 13.68 percent.
Imports of Textile Machinery
Textile Exports of medaps (excluding towels) saw a decline of 2.20 percent. While exports of tents, canvas and tarpaulin decline by 1.52 percent. On a year-on-year basis during July-August 2023. Imports of textile machinery during July-August 2024. 74.63 percent decline indicating that plans to expand or innovate are no longer a priority. Additionally, raw cotton imports also decline by 65.88 percent. During July-August compare to a year ago. However, imports of synthetic fibers increase by 16.77 percent. Follow by imports of synthetic silk yarn by 109.92 percent. And old garments by 48.24 percent.