Pakistan’s exports have seen an encouraging 9.05% growth during the first eight months (July-Feb) of the ongoing fiscal year FY2023-24, compared to the same period of the last fiscal year.
According to the latest data released by the Pakistan Bureau of Statistics (PBS), the country’s total exports reached $20.360 billion in July-February FY24, compared to $18.670 billion during the same timeframe last year.
However, the monthly figures provided by PBS show varying trends. Overall exports in February 2024 were recorded at $2.583 billion, a decrease of 7.49% month-on-month (MoM) as of January’s $2.792 billion exports.
On a yearly basis, there was an 18% increase in exports of $2.189 billion in February 2023.
on the flip side, the textile group, the main driver of Pakistan’s export revenue, experienced a slight decrease of 0.65% in exports during the first eight months (July-Feb) of the ongoing fiscal year FY203-24.
Textile exports were recorded at $11.145 billion in July-February of FY24 compared to $11.218 billion in the same period of the previous fiscal year FY2022-23.
In particular, textile exports experienced a robust 19% growth on YoY but a 3.31% MoM decrease in February 2024, standing at $1.407 billion.
A noteworthy performance was seen in cotton yarn exports, which grew by 48.18% during the eight months, reaching $748.307 million up from the previous year’s $505.015 million.
In February 2024 alone, cotton yarn exports grew by 41.16 percent year-on-year, although there was a slight 3.46 percent month-on-month decrease.
Other segments also saw remarkable growth. Rice exports surged by 85.83 percent to $2.517 billion, and food group exports expanded by 54.05 percent to $4.969 billion compared to the same period last year.
The PBS data highlighted key commodities for February 2024, including knitwear, various types of rice, readymade garments, and cotton products among the top exports.
