Textile exports increase 7.79% to $7.44b in H1; 22.72% in December

F.P. Report

ISLAMABAD (APP): The exports of textile commodities witnessed an increase of 7.79 percent during the first half (H1) of the current fiscal year as compared to the corresponding period of last year.

The textile exports were recorded at $7442.425 million in July-December (2020-21) against the exports of $6904.689 million in July-December (2019-20), showing growth of 7.79 percent, according to latest data of Pakistan Bureau of Statistics (PBS).

The textile commodities that contributed in positive trade growth included knitwear, exports of which increased from $1586.923 million last year to $1849.605 million during the current year, showing growth of 16.55 percent.

Likewise, exports of bed wear increased by 16.38 percent by growing from $1197.931 to $1394.180 while the exports of towels increased by 17.47 percent, from $379.426 million to $445.709 million.

The exports of tents, canvas and tarplin grew by 57.77 percent, from $39.599 million to $62.477 million, while the exports of readymade garments increased by 5.54 percent, from $1412.111 million to $1490.370 million and the exports of art, silk and synthetic textile incrased by 0.17 percent, from $167.218 million to $167.502 million while exports of madeup article (excluding towels and bed wear) increased by 17.46 percent, from $322.855 million to $379.229 million.

Meanwhile, the commodities that witnessed negative growth in traded included raw cotton, exports of which declined by 96.14 percent, from $15.331 million to $0.592 million while the exports of cotton yarn decreased by 26.36 percent, from $544.148 to $400.730.

The exports of cotton cloth also decreased by 7.73 percent, from $1013.325 million to $935.009 and yarn (other than cotton yarn) by 7.28 percent, from $14.521 million to $13.464 million.

Meanwhile, on year-on-year basis, the textile exports increased by 22.72 percent during the month of December 2020 as compared to the same month of last year. The exports during December 2020 were recorded at $1401.004 million against the exports of $1141.620 million.

On month-on-month basis, the exports from the country witnessed increase of 9.20 percent during December 2020 when compared to the exports of $1282.958 million in November 2020.

It is pertinent to mention here that the country’s merchandize exports increased by 4.98 percent during the first half (H1) of the current fiscal year (2020-21) as compared to the corresponding period of last year.

The exports from the country during July-December (2020-21) were recorded at $12.098 billion against the exports of $11.524 billion during July-December (2019-20), according to the latest PBS data.

The imports into the country during the period under review also increased by 5.72 percent by growing from $23.195 billion last year to $24.521 billion during the first half of current fiscal year.

Based on the figures, the country’s trade deficit increased by 6.44 percent during the first half compared to the corresponding period of last year. The trade deficit during the first six months of the current fiscal year was recorded at $12.423 billion against the deficit of $11.671 billion last year.