Export of ready-made garments increase 12pc to reach $906 million 

ISLAMABAD: Export of ready-made garments during the first four months of current fiscal year grew by 12 percent as compared to the exports of the corresponding period of last year.

During the period from July-October 2019, about 19.54 million dozens of ready made garments worth $906.663 million exported as compared to the exports of 15.119 million dozens valuing $809.520 million of same period of last year.

Meanwhile, the country exported about 40.246 million dozen of knit wear valuing $1.054 billion against the exports of 37.790  million dozen worth of $962.862 million of same period of last year, which was up by 9.49 percent, according the data of Pakistan Bureau of Statistics.

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

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

In the first four months of current financial year, about 58,030 metric tons of towels worth $251.647 million exported as compared to the exports of 60,041 metric tons valuing $249.651 million of same period of last year, it added.

According to the data, textile group exports during the first four months (July-October) of current financial year witnessed an increase of 4.10% as compared to the exports of the corresponding period of last year, where as  textile sector exports witnessed about 7.44% growth in the month of October, as against the exports of the same month of last year.

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

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

The exports of raw cotton during the period under review increased by 0.78 per cent, cotton carded or combed 100 per cent and yarn other than cotton yarn grew by 21.24 per cent respectively, the data revealed.

However, in the last four months of current financial year, the exports of textile products observed decline 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 percent, it said.

However, exports of raw cotton came down from $392.948 million in first four months of last financial year to $384.553 million in the 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 was recorded at $7.776 billion against the deficit of US $ 11.696 billion during July-October (2018-19).

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

On the other hand, the imports of the country witnessed decline of 19.21 percent by falling from $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 of the country increased by 6.75 percent by growing from $1.896 billion during October 2018 to $2.024 billion in October 2019.

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

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

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