The State Bank of Pakistan (SBP) has released data indicating a 5.43% month-on-month decline in the country’s total textile exports, which amounted to $1.37 billion in November 2023 compared to $1.45 billion in the previous month.
On a year-on-year basis, the exports of the textile group decreased by 3.52% in November 2023.
Cumulatively, in the first five months of FY24, textile exports saw a decline of 10.14% year-on-year, totaling $6.9 billion compared to $7.67 billion in the same period of the previous fiscal year.
Total exports for November reached $2.73 billion, reflecting a 21.53% year-on-year increase compared to $2.25 billion in November 2022. However, on a monthly basis, exports declined by 1.16%.
November’s positive current account balance, with a surplus of $9 million, follows four consecutive months of deficits. Textile products remained the major exportable goods, constituting 50.31% of total exports in November.
Key contributing products under the textile category included Knitwear ($335.71 million), Readymade Garments ($279.33 million), and bedwear ($236.55 million). Knitwear and Readymade Garments experienced declines of 12.38% and 9%, respectively, while bedwear exports increased by 1.65% year-on-year.
The food group was the second-largest contributor to total exports, with a value of $704.93 million, marking a significant growth of 96.75% year-on-year. Cumulatively in 5MFY24, earnings from food group exports grew by 39% year-on-year to $2.59 billion compared to $1.86 billion in 5MFY23. Rice remained a major source of foreign exchange earnings, with an export value of $394.84 million in November, showing a substantial increase.
However, exports of surgical goods & medical instruments fell by 5.51% year-on-year, and leather manufacturers experienced an 11.95% year-on-year decline in exports to $48.81 million in November 2023. On a positive note, sports goods foreign earnings increased by 9.65% year-on-year to $38.62 million.
Inflow through chemical and pharmaceutical products grew by 10.33% year-on-year to $123.64 million in November 2023. The petroleum group’s share in the country’s total export basket was 3.13%, with earnings of $85.62 million, indicating a 43.59% year-on-year increase.
