Textile and clothing exports showed an increase of 28.26 percent year-on-year to $17.62 billion during the first 11 months of this fiscal year (11MFY22), mostly due to a massive depreciation in the rupee’s value and a steady increase in global demand.
The data released by the Pakistan Bureau of Statistics (PBS) on Friday revealed that the year-on-year growth rate in May was 56.02 percent- the highest monthly growth rate.
The data showed that ready-made garment exports hiked up 30.63 percent in value and 49.70 percent in quantity during July-May, whereas the exports of knitwear reached 36.44 percent in value though, dipped 4.34 percent in quantity. Bedwear exports rose 21.68 percent in value and 15.19 percent in quantity.
Read more: Pakistan’s exports increase 27.78% to $28.848 billion during first 11 months
Towel exports grew by 21.66 percent in value and 7.17 percent in quantity, while those of cotton cloth increased by 26.81 percent in value and 7.14 percent in quantity.
Moreover, in primary textile and clothing commodities, cotton yarn exports grew by 24.18 percent, whereas those of yarn produced from materials except cotton increased by 109.68 percent.
The exports of made-up articles exempting towels hiked up by 15.19 percent, and those of canvas, tents, and tarpaulin dipped by 2.16 percent during the same period. During the period under review, the export of silk, art, and synthetic textiles rose by 29.36 percent.
Meanwhile, textile machinery imports showed an increase of 47.24 percent year-on-year to $722.605 million in July-May
To overcome the shortage in the domestic sector, the industry imported raw cotton in July-May value, which recorded an increase of 25.28 percent, whereas the import value of synthetic fiber grew 19.29 percent, followed by the import of artificial and synthetic silk yarn, which showed a rise of 28.80 percent during the period under review.
Furthermore, the country’s overall exports, during the 11-month period, recorded a year-on-year growth of nearly 27.90 percent to reach $28.87 billion up from $22.57 billion in the corresponding period a year ago. The government has estimated a target of $31 billion for 2021-22.
Earlier, the government has already revealed a textile and apparel policy with numerous measures to stimulate production in addition to the quality of textiles and clothing.
