Pakistan’s textile and clothing exports grew by 3.29% to $1.299 billion in March, compared to $1.257 billion in the same month last year whereas exports fell by 7.67% on a month-on-month (MoM) basis, according to the Pakistan Bureau of Statistics (PBS).
The MoM decline in textile exports in March 2024 marked an end to three months of double-digit growth, with a reduced demand from international buyers.
As per PBS data, for the first nine months (July-March) of fiscal year 2024, textile and clothing exports also declined slightly by 0.25% to $12.444 billion from $12.476 billion in the previous year.
The slowdown in growth has been linked to increased production costs due to higher energy prices and a liquidity shortage.
The textile industry has cautioned the government about potential further declines unless issues such as unresolved refunds are addressed promptly.
PBS data indicates that exports of readymade garments increased by 3.92% in value and 19.39% in quantity in March.
Knitwear exports rose by 8.12% in value and 19.58% in quantity, while bed wear exports grew by 9.36% in value and 18.15% in quantity.
Towel exports increased by 18.10% in value and 22.39% in quantity, and cotton cloth exports went up by 3.18% in value and 29.63% in quantity.
In contrast, yarn exports decreased by 36.09%. Exports of made-up articles, excluding towels, rose by 17.49%, but exports of tents, canvas, and tarpaulin dropped by 36.09%.
March saw a significant reduction in textile machinery imports by 49%, indicating a lack of focus on expansion or modernization. However, imports of synthetic fiber rose by 49.41%, synthetic and artificial silk yarn by 36.07%, and other textile items by 98.06%.
Raw cotton imports fell by 79.56%, while imports of second-hand clothes grew by 29.49%.
Overall, total exports of the country in the first nine months of FY24 increased by 9.01% to $22.93 billion compared to the previous year.
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Pakistan fabrics and garments are the best in the world indeed.
nice to know.