ISLAMABAD, Jul 18 (APP): Pakistan earned over $16.50 billion from the exports of various textile products during the fiscal year 2022-23, Pakistan Bureau of Statistics (PBS) reported.
The textile goods’ exports during the same period of last year were recorded at $19.329 billion, showing a decline of 14.63 percent during the fiscal year 2022-23, according to PBS data released here on Tuesday.
The textile products that contributed positively in trade included raw cotton, the exports of which grew by 104.78 percent by growing from $6.577 million during FY 2021-22 to $13.468 million during FY2022-23. tents, canvas and tarpaulin by 24.93 percent, from $110.413 million to $137.944 million, ready-made garments by
The textile goods that witnessed negative growth in trade included cotton yarn, the exports of which declined by 30.04 percent, from $1,206.789 million to $ 844.283 million.
Likewise, cotton cloth decreased by 17.06 percent, from $2,437.875 million to $2,021.999 million, the exports of cotton (carded or combed) declined by 31.72 percent, from $1.631 million to $1.114 million, yarn (other than cotton yarn) by 31.85 percent, from $66.188 million to $45.106 million, knit wear by 13.36 percent, from $5,121.040 million to $4,436.779 million and bed-wear by 18.26 percent from $3,292.882 million to $2,691.648 million.
In addition, the exports of towels also declined by 10.05 percent by going down from $1,111.337 million to $999.594 million, readymade garments by 10.57 percent, from $3,904.654 million to $3,491.948 million, art, silk and synthetic textile by 10.38 percent, from $460.058 million to $412.289 million, madeup article excluding towels by 18.44 percent, from $849.121 million to $692.548 million while the exports of all other textile materials went down by 6.34 percent, from $761.377 million to $713.096 million.
Meanwhile, on year-on-year (YoY) basis, the textile goods’ exports decreased by 13.73 percent in June 2023 to $ 1,471.976 million against exports of $ 1,706.245 million in June 2022.
On month-on-month (MoM) basis the textile goods’ exports however increased by 11.47 percent in June 2023 when compared to the exports of $ 1,320.558 million in May 2023, according to the PBS data.
It is pertinent to mention here that the overall trade deficit witnessed a decline of 43.03 percent during the fiscal year 2022-23 as compared to the previous year (2021-22).
The trade deficit during July-June (2022-23) was recorded at $27.547 billion against the deficit of $48.354 billion in July-June (2021-22), a decline of 43.03 percent.
The exports during the period were recorded at $27.744 billion against $31.782 billion last year, showing a decline of 12.71 percent. On the other hand, the imports witnessed a sharp decline of 31 percent by falling from $80.136 billion last year to $55.291 billion during the fiscal year 2022-23.