ISLAMABAD: In May, Pakistan’s textile and clothing exports experienced a significant rebound, achieving double-digit growth following slower growth in the preceding two months.
According to data from the Pakistan Bureau of Statistics (PBS), exports surged 18% to $1.55 billion in May, up from $1.32 billion in the same month last year. On a month-to-month basis, exports increased by an impressive 25.94%.
Despite this surge, the sector’s performance over the first eleven months of the fiscal year 2024 (11MFY24) showed modest growth of 1.41%, with exports reaching $15.24 billion compared to $15.02 billion in the same period last year.
This recent growth spurt is largely attributed to the release of previously delayed orders. The government has implemented various measures, including a tax rate increase on exporters’ personal incomes for the 2024-25 fiscal year. The effects of these measures are expected to become more apparent in the coming months.
The PBS data highlights several key areas of growth:
- Readymade garments saw a 30% increase in value and a 42.70% increase in quantity.
- Knitwear exports grew by 24.26% in value and 36.70% in quantity.
- Bedwear exports increased by 37.67% in value and 45.67% in quantity.
- Towel exports rose by 18.18% in value and 29.50% in quantity.
- Cotton cloth exports decreased by 1% in value but increased by 23.75% in quantity.
- Yarn exports, however, fell by 35.96% compared to May of the previous year.
- Made-up articles (excluding towels) increased by 32.54%, while tents, canvas, and tarpaulin exports went up by 10.85%.
The import data revealed a decline in textile machinery imports by 6.04% in May, indicating a slowdown in expansion or modernization projects. The import of synthetic fiber decreased by 5.98%, and synthetic and artificial silk yarn imports fell by 2.41%. Conversely, imports of other textile items increased by 60.59% in May, while raw cotton imports declined by 46.95%. Interestingly, second-hand clothes imports grew by 11.07%.
In the broader context of the fiscal year, total exports rose by 1084%, reaching $28.12 billion in the first 11 months of FY24, compared to $25.26 billion in the same period last year.
Oil Imports
The PBS data indicated a slight decline in oil imports, which dipped by 0.24% to $15.34 billion in the first 11 months of FY24 from $15.38 billion in the same period last year. Petroleum product imports fell by 11.69% in value and 4.98% in quantity. However, crude oil imports saw an increase of 17.84% in quantity and 12.06% in value.
Mobile Phones
Mobile phone imports surged dramatically by 213.97% to $1.62 billion in the first 11 months of FY24, up from $516.48 million in the same period last year. This represents the largest share of overall machinery import value for this period. Additionally, other mobile apparatus imports grew by 23.97%, reaching $426.19 million from $343.79 million last year.
