3QFY20: Textile exports increase 4.24pc to $10.4bn

1
242

ISLAMABAD: Textile exports from the country increased by 4.24 per cent during the first three quarters of the current fiscal year as against the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported on Friday.

Textile exports from the country during July-March FY20 were recorded at $10,412.939 million, as against the exports of $9,989.457 million in July-March FY19.

Textile commodities that contributed towards growth included knitwear whose exports jumped from $2,154.562 million last year to $2,229.869 million during the current fiscal year, showing a growth of 6.74pc.

During the period under review, the export of readymade garments increased by 11pc, from $1,955.778 million to $2,170.517 million, while the export of bedwear increased by 2.45pc, from $1,719.376 million to $1,761.552 million.

The export of raw cotton increased by 8.19pc, from $15.719 million to $17.007 million; towels by 0.58pc, from $588.1 million to $591.527 million; while the export of tents, canvas and tarpaulin surged by 5.77pc, from $68.277 million to $72.216 million.

The export of art, silk and synthetic textile increased by 18.47pc by growing from $220.459 million last year to $261.172 million in current fiscal year.

Among textile goods that witnessed a negative growth in trade is cotton yarn, the export of which declined by 1.9pc by dropping from $835.719 million last year to $819.808 million during the current year.

The export of cotton cloth also decreased from $1595.882 million to $1,548.176 million, a decline of 2.99pc, whereas the export of cotton carded or combed plunged from $0.161 million to $0.062 million, showing a fall of 61.49pc. Likewise, the export of yarn (other than cotton yarn) decreased by 7.11pc, by falling from $22.559 million to $20.956 million

On a year-on-year basis, textile exports during the month of March 2020 decreased by 4.46pc when compared to the corresponding month of last year. Textile exports in March this year were recorded at $1,039.705 million against the export of $1,088.192 million, the PBS data revealed.

It is pertinent to mention here that the country’s trade deficit witnessed significant reduction in the first three quarters of the current financial year and declined by 26.45pc as compared to the corresponding period of last year.

During the period under review, the country’s exports registered about 2.23pc growth, whereas imports reduced by 14.42pc.

The exports witnessed an increase of 2.23pc and reached to $17.451 billion against $17.071 billion worth exports of the same period of last year.

On the other hand, the country’s imports witnessed significant decrease of 14.42pc and went down from $40.679 billion last financial year to $34.814 billion in the same period of the current financial year.

Based on figures, the trade deficit during the period under review was recorded at $17.363 against the deficit of $23.608 during last year, showing a decline of 26.45pc.

1 COMMENT

LEAVE A REPLY

Please enter your comment!
Please enter your name here