The exports of 11 sectors, comprising value-added textiles, showed double-digit growth in February when compared to the corresponding month last year.
According to the Commerce Ministry’s Data, the rise in the value-added sectors experienced an increase in overall exports from these sectors. The ministry said that such remarkable growth is seen due to the highest-ever depreciation of the rupee against the dollar and greater demand from the global market.
In this regard, the government has declared numerous measures including cash subsidies for the promotion of value-added sectors. Besides, the huge depreciation also contributed to increasing exports to the Western markets.
In February, the export profits of these sectors showed a hike by 35.78 percent to $2.80 billion from $2.06 billion over the corresponding period last year.
Read more: Eight sectors record double-digit growth in exports
Men’s garment products were exported with an increase of 49 percent to $460 million in February against $309 million over the last year, while 28 percent rise in home textiles to $400 million from $312 million, cotton fabric with a growth of 57 percent to $233 million from 148 million, and 49 percent in women’s outfits to $81 million from $54 million respectively.
Moreover, the T-shirts exports increased by 41 percent to $66 million from $47 million, stocking and socks 34 percent to $45 million from $34 million, and synthetic fabric 46 percent to $39 million from $27 million, respectively.
Non-textile products included the exports of rice that increased by 42 percent to $254 million in February 2022 from $179 million a month the previous year, a 24 percent increase in leather attire to $60 million from 48 million, and a growth of 95 percent in plastics to $51 million from $26 million respectively.
Meanwhile, the data also showed that China, the United States, the United Arab Emirates, and the Netherlands were the top destinations of Pakistan’s exports in February from a year ago.
Exports to the US showed growth of 25 percent to $473.87 million in February compared to $379.95 million over the same month of last year, followed by 118 percent rise to the UAE as it raised at $164.08 million this year against $75.43 million over the last year and from Netherlands 94 percent increase at $182.34 million against $93.91 million.
Similarly, the export value to Germany also hiked up by 60 percent to $179.23 million this year against $112.08 million last year, followed by a growth of 102 percent in Italy as it reached $123.62 million compared to $61.27 million the last year.
