Pakistan’s Textile Exports Drop by 5.43% in a Month

 Pakistan’s Textile Exports Drop by 5.43% in a Month

Pakistan’s Textile Exports Drop by 5.43% in a Month

WEB DESK: According to data from the State Bank of Pakistan (SBP), the textile sector in Pakistan saw a 5.43 percent month-over-month decline in total exports in November 2023, totaling $1.37 billion.

This decline comes after the $1.45 billion seen in the prior month. November 2023 saw a 3.52% year-over-year decline in textile exports for the same period.

Textile exports suffered a significant 10.14 percent year-over-year decline over the course of 5MFY24, amounting to $6.9 billion as opposed to $7.67 billion in 5MFY23.

On the other hand, the Balance of Payments (BOP) indicates that overall exports increased positively and reached $2.73 billion in November 2023.

This represents a significant 21.53 per cent year-on-year increase from $2.25 billion in November 2022. However, on a monthly basis, exports saw a marginal 1.16 per cent decline. 

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Of note is the surplus in the current account balance, amounting to $9 million in November. This stands in stark contrast to deficits of $184 million in October and $157 million in November 2022.  

The positive balance marks a turnaround after four consecutive months of deficits, with the last reported surplus dating back to June 2023. 

In November 2023, textile products remained the dominant export category, constituting 50.31 per cent of the total exports.  

Key contributors included knitwear ($335.71 million), readymade garments ($279.33 million), and bedwear ($236.55 million).  

Knitwear and ready-made garments experienced a decline of 12.38 per cent and 9 per cent, respectively, while bedwear exports increased by 1.65 per cent year-on-year compared to November 2022. 

The food group emerged as the second-most contributing category in total exports, reaching a value of $704.93 million in November 2023.  

This reflects a substantial growth of 96.75 per cent year-on-year compared to $358.28 million in November 2022.

On a monthly basis, the exports from this group rose by 11.88 per cent compared to October 2023. 

Rice remained a significant contributor under the food group, with exports at $394.84 million in November 2023, marking a 53.58 per cent month-on-month increase and a 3.34x year-on-year growth. 

The export of oil seeds, nuts, and kernels stood at $60.83 million in November, growing by 196.31 per cent year-on-year and 51.4 per cent month-on-month.  

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Surgical goods and medical instrument exports fell by 5.51 per cent year-on-year to $37.43 million, and leather manufacturers witnessed an 11.95 per cent decline, reaching $48.81 million in November 2023. 

On the other hand, foreign earnings from sports goods climbed to $38.62 million, a 9.65% year-over-year increase. Nonetheless, there was a 1.41 percent monthly decline from October 2023.

The category of chemical and pharmaceutical products grew by 10.33% year over year to $123.64 million in November 2023 from $112.07 million in the same month the previous year.

Notably, in November 2023, the Petroleum Group’s earnings of $85.62 million represented a 43.59 percent year-over-year increase, and its share of the nation’s total export basket was 3.13 percent.

Web Desk

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