Saturday, September 24, 2022
HomeBusinessIn September, Pakistan earned its highest-ever textile exports of USD 1.50 billion

In September, Pakistan earned its highest-ever textile exports of USD 1.50 billion

Textile exports grew by 25% YoY to USD 1.5 billion in September 21 compared to USD 1.2 billion in September 20 according to the latest trade statistics provided by Pakistan Bureau of Statistics. Textile exports grew by 2% month over month, despite logistical and supply chain challenges such as port congestion and higher freight costs. This increase in textile exports was mostly due to increased export orders from the United States, Europe, and Asia following the reopening of global economies, which raised demand for textile products while also expanding the number of new customers.

Also read: Zonergy and Punjab Government signed CSR Program agreement to uplift Local Community

New clients are mostly interested in value-added items. During the time period under consideration, the value added category was primarily responsible for the rise in textile exports. Knitwear and ready-made clothing exports grew by 31% and 22% year on year, respectively, to USD 388 million and USD 276 million.

Moreover, on monthly basis, knitwear and bed wear emerged as outperformer as exports witnessed jump 7% and 4% MoM, respectively. In terms of volume; readymade garments, Cotton yarn and bed wear registered an increase of 22%, 13% and 7% YoY, respectively during the month of Sep’21. Cumulatively during 1QFY22, textile exports witnessed double digit growth of 27% YoY to USD 4.4bn against USD 3.5bn in SPLY.

Also read: Standard Chartered Bank donated Rs 23.29 million to Lahore Mayo Hospital.

Government’s incentives to textile sector including reduction in gas prices for export oriented sectors, rebates for exporters, lower financing rate on LTFF (Long term financing facility) and export refinance scheme provided support in these crucial times. Both, non-value added and value added segment, showed double digit growth on YoY basis, during the period (1QFY22). Cotton Yarn remained in demand as sales of the same increased by 69% YoY to USD 289mn compared to USD 170mn in SPLY.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments