According to the Pakistan Bureau of Statistics (PBS), the country’s textile and apparel exports increased by 3.29% to $1.299 billion in March from $1.257 billion in the same month the previous year. However, on a month-over-month (MoM) basis, exports decreased by 7.67%.
Three months of double-digit increase in textile exports came to an end in March 2024 due to a fall in demand from overseas purchasers, as reported by the MoM.
According to PBS statistics, exports of textiles and apparel fell by 0.25% to $12.444 billion from $12.476 billion in the first nine months of fiscal year 2024 (July-March).
The deceleration in growth has been associated with escalated production expenses as a result of elevated energy prices and insufficient liquidity.
The government has received a warning from the textile industry about possible further losses if problems like unsettled refunds are not remedied quickly.
According to PBS data, the value and quantity of ready-made garment exports rose by 19.39% and 3.92%, respectively, in March.
The value and quantity of knitwear exports increased by 8.12% and 19.58%, respectively, whilst the exports of bed wear increased by 9.36% and 18.15%.
The value and quantity of exported towels and cotton cloth climbed by 18.10% and 22.39% and 29.63%, respectively.
On the other hand, yarn exports fell by 36.09%. The export of manufactured goods—aside from towels—rose by 17.49%, while the export of tents, canvas, and tarpaulin fell by 36.09%.
Imports of textile machinery significantly decreased in March by 49%, suggesting a lack of emphasis on growth or modernization. However, imports of other textile products increased by 98.06%, synthetic fiber by 49.41%, and synthetic and artificial silk yarn by 36.07%.
Imports of raw cotton decreased by 79.56%, whereas imports of used clothing increased by 29.49%.
In comparison to the same period last year, the nation’s overall exports climbed by 9.01% to $22.93 billion in the first nine months of FY24.
