The total export of textile products witnessed an upsurge of 45.2% year-on-year (YoY) to clock in at $1.46 billion during August 2021. When compared with the figures of the previous month, exports of textile commodities depicted a marginal decline of 0.57%.
According to the latest data of the Pakistan Bureau of Statistics, this takes the total textile exports in 2MFY22 to reach $2.93bn as against $2.28bn, registering an increase of 28.67 % YoY.
The YoY rise in textile exports in the month of August 2021 was mainly the outcome of rising exports of value-added segments where Knitwear, Bed-wear, and Readymade garments surged respectively by 46.5%, 46.3% and 9.8% to $364mn, $264mn and $283mn compared to August 2021.
On the import front, the textile group saw a 70.7% increase during the month of August 2021 to stand at $372mn. However, on a sequential basis, the country witnessed a decrease of 7.1% MoM in textile imports. In absolute terms, the import of raw cotton was $108mn in August 2021 against $67.4mn recorded in August 2020.
Cumulatively, during July-Aug FY22, the imports of textile commodities stood at $773mn, up by 97.6% YoY.
Going forward, it is expected that the demand for Pakistan’s textiles globally is likely to remain strong on the back of continuous redirecting of orders out of China and other regional Asian countries.
This story was originally published in Mettis Global.
