Textile exports increase 2pc to $11.4bn

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ISLAMABAD: The export of textile and its articles from the country witnessed an increase of 2.17 per cent during the first ten months of the current fiscal year as compared to the exports of the corresponding period last year, State Bank of Pakistan (SBP) reported on Monday.

The textile exports from the country during July-April 2018-19 were recorded at $11.419 billion against the export of $11.176 billion during July-April 2017-18.

The textile commodities that contributed positively in the external trade included apparel articles and clothing accessories (knitted), the export of which grew from $2.24 billion last year to $2.50 billion during the current fiscal year, an increase of 11.87pc.

The exports of apparel articles or clothing accessories (not knitted) increased by 2.22pc, from $2.06 billion to $2.11 billion, whereas the exports of other made-up textile articles increased by 0.39pc, from $3.38 billion to $3.39 billion.

Similarly, the export of knitted or crocheted fabrics grew by 25.56pc, from $23.33 million to $29.29 million, while the exports of man-made filaments increased by 29.58pc, from $17.94 million last year to $23.25 million.

Meanwhile, the textile commodities that witnessed negativity in external trade included cotton, exports of which dipped by 1.57pc, from $2.97 billion last year to $2.92 billion.

The export of carpets and other textile floor coverings decreased from $69.815 million to $65.929 million, a decline of 5.56pc, whereas the export of man-made staple fibres decreased by 3.14pc, from $252.82 million to $244.86 million.

It is pertinent to mention that the country’s merchandise trade deficit plunged by 13.62 per cent during the first eleven months of the current fiscal year compared to the corresponding period of last year, according to the Pakistan Bureau of Statistics (PBS).

The trade deficit contracted by 13.62pc to $29.20 billion during July-May 2018-19, as against the deficit of $33.81 billion recorded during July-May 2017-18.

Exports during the period under review witnessed a nominal decrease of 0.3pc, as it fell from $21.33 billion last year to $21.26 billion during the ongoing fiscal year.

On the other hand, the imports declined by 8.47pc to $50.474 billion during the period under review from $55.142 billion last year.

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