ISLAMABAD: Data released by Pakistan Bureau of Statistics (PBS) on Tuesday revealed textile exports from Pakistan increased 8 percent to $6.642 billion during first half of current financial year 2017-18.
Taking advantage of the government incentives on offer, exporters availed those benefits helping the textile exports rise 8 percent during first half of the year, reported a local newspaper.
According to data available, value-added exports constituted the bulk of textile exports touching 55 percent and bringing nearly around $4 billion dollars in export revenue. Export of cottons remained stagnant at $1.066 billion during July-December of FY 2017-18.
Knitwear exports rose 13.38 percent to $1.335 billion during July-December FY 2017-18. Readymade garments exports increased 13.52 percent to $1.248 billion, bedwear exports touched 1.124 billion, rising 6.22 percent during the first half of FY 2017-18.
Total exports from Pakistan during the aforementioned period touched $11.001 billon and rupee depreciation of 10 percent over last month would improve Pakistan’s competitiveness in the global market.
During December, textile exports increased 10.2 percent from the same period last year (SPLY) and inched up by 1.1 percent to $1.132 billion on a month-on-month basis.
Food Sector exports registered a major surge in exports revenue, touching $1.932 billion during first half of FY 2017-18, translating into a 16.8 percent rise over SPLY. Rice exports raked in revenues amounting to $843 million during first half of current FY 2017-18, up 18.32 percent.
Over $181 million worth of sugar was exported during first half of current FY 2017-18, due to availability of surplus stock from November 2017.
Imports also surged by 18.9 percent during first half of current FY 2017-18, touching $28.94 billion.
Machinery import declined 3.1 percent, touching $5.494 billion during July-December 2017 of FY 2017-18. Oil import of POL products rose 33.4 percent to $6.675 billion during July-December FY 2017-18.
Power generation machinery imports declined 37.7 percent from SPLY and fell 22.6 percent during December on a month-on-month basis. Food imports rose 13.1 percent to $3.239 billion followed by 19.2 percent increase in import of agriculture and other chemicals to touch $4.284 billion during July-December.
