ISLAMABAD, Nov 03 (INP-WealthPK): Exports of textile products accounted for 63.19% of the country’s total exports during first quarter (July-September) of fiscal year 2022-23, according to the Ministry of Commerce.
The export value of knitwear was registered at $1.32 billion during the first quarter (Q1) of the current fiscal year against $1.144 billion during the same period of last year, with an addition of 15.4%. Knitwear exports remained at 16.36% of the total exports of Pakistan during the period under review.
With a share of 12.31% in the country’s total exports, readymade garments exports rose to $911 million during Q1 FY23 from $861 million during the same months of last year, posting a growth of 5.85%. Exports of bedwear amounted to 11.48% of Pakistan’s total goods exports during first quarter of FY23. Exports of bedwear were registered at $779 million during the period under review against $803 million during the corresponding period of last year, with a decline of 2.93%.
With a year-on-year (YoY) growth of 4.21%, cotton cloths exports accounted for 7.96% of Pakistan’s total exports during July-September and the export volume reached $580 million. Exports of towels grabbed 3.45% share in total exports. Export volume of towels was recorded at $237 million during Q1 FY23 against $241 million during same quarter of last year, with a decrease of 1.67%.
Pakistan exported $236 million worth cotton yarn during the period under review compared to $288 million during the same period of last year. Exports of cotton yarn amounted to 4.13% of Pakistan’s total exports during July-September. Exports of textile material and made-up articles remained at $181 million and $179 million, respectively, during the period under review.
On the other hand, Pakistan’s textile imports remained at $972 million during Q1 FY23, comprising mainly of cotton and other raw material for value-addition.
According to Pakistan Bureau of Statistics (PBS), the country’s total exports during Q1 were recorded at $7.178 billion against $6.996 billion during the corresponding quarter of last year. Textile exports during the first quarter were recorded at $4.583 billion and amounted to 63.19% of the country’s total exports.
Textile exports have major share in the country’s total exports. According to the PBS, Pakistan’s total textile exports during the last fiscal year (2021-22) were recorded at $19.32 billion. The US, the UK and European Union countries are the major markets for Pakistan’s textile exports.
According to the Board of Investment, Pakistan is the eighth largest exporter of textile products in Asia. It is also the fourth largest producer and the third largest consumer of cotton. Textile comprises of 46% of the whole manufacturing sector, and provides employment to 40% of the total industrial labour force.
According to Textile and Apparel Policy 2020-25, textile exports will be enhanced up to $25 billion in fiscal year 2022-23, $31 billion in 2023-24, and $40 billion in 2024-25.
