Textile exports posts 4.10% growth in four months, cross $4,586 billion mark

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ISLAMABAD, Nov 19 (APP):Textile group exports from the country during first four months (July-October) of current financial year increased by 4.10% as compared the exports of the corresponding period of last year.

Meanwhile, textile sector exports witnessed about 7.44% growth in month of October, as against the exports of same month of last year, according the latest data of advance releases on foreign trade statistics, released by the Pakistan Bureau of Statistics on Tuesday.

During the period from July-October, 2019-20, textile products worth over
US $ 4.586 billion exported as against the exports of US $ 4.406 billion of same period last year, showing an increase of 4.10 percent, it added.

On month on month basis, the textile products over US $ 1.214 billion exported in month of October, as compared the exports of US $ 1.130 billion of same month
last year.

During the period under review, exports of ready made garments grew by 12 per cent, knitwear 9.49 per cent, bed wear 5.72 per cent, towels 0.80 per cent, art, silk and synthetic textile increased by 9.46 per cent respectively, it added.

Meanwhile the exports of raw cotton from the country during the period under review increased by 0.78 per cent, cotton carded or combed 100 per cent and yarn other then cotton yarn grew by 21.24 per cent respectively, the data reveled.

However, in last four months of current financial year, the exports of textile products which observed negative growth in their respective exports included cotton yarn decreased by 2.14 per cent, cotton cloth 4.83 per cent,tents, canvas and tarpulin by 1.58 per cent, it added.

During the period from July-October, 2019 country exported about 40,246 thousand dozen of knit wear valuing US $ 1.054 billion as against the exports of 37,790 thousand dozen worth of US $ 962.862 million of same period of last year, which was up by 9.49 percent, it said

During the period under review, 172,547 metric tons of bed wear worth
US $ 817.665 million also exported as compared the exports of 144,574 metric tons valuing of US $ 773.447 million of same period of last year.

The exports of above mentioned product witnessed 5.72 per cent growth in first four months of current financial year.

Meanwhile, 58,030 metric tons of towels worth US $ 251.647 million also exported as compared the exports of 60,041 metric tons valuing US $ 249.651 million of same period of last year.

From July-October, country fetched $906.663 million by exporting about 19,954 thousand dozen of ready made garments, which were recorded at 15,119 thousand dozen worth US $ 809.520 million of corresponding period of last year.

However, exports of raw cotton from the country came down from US $ 392.948 million in first four months of last financial year to US $ 384.553 million in same period of current financial year.

It may be recalled here that country’s merchandise trade deficit plunged by 33.52 percent during the first four months of the current fiscal year (2019-20) as compared to the deficit of the same month of last year.

According to the data the trade deficit during July-October (2019-20) was recorded at US $ 7.776 billion against the deficit of US $ 11.696 billion during July-October (2018-19).

The exports during the period increased from US $ 7.270 billion during last year to US $ 7.547 billion during the current fiscal year, showing growth of 3.81 percent.

On the other hand, the imports into the country witnessed decline of 19.21 percent by falling from US $ 18.966 billion last year to $15.323 billion during the current fiscal year, the data revealed.

Meanwhile, on year-on-year basis, the exports from the country increased by 6.75 percent by growing from US $ 1.896 billion during October 2018 to US $ 2.024 billion in October 2019.

On the other hand, the imports declined by 15.14 percent by going down from US $ 4.801 billion in October 2018 to $4.074billion in October 2019.

On month-on-month basis, the exports from the country increased by 14.41 percent in October 2019 when compared to the imports of US $ 1.769 billion in September 2019. On the other hand, the imports into the country witnessed increase of 7.64