Textile exports hit record high of $12.6 billion in eight months of FY22

Textile exports hit record high of $12.6 billion in eight months of FY22

Textile exports hit record high of $12.6 billion in eight months of FY22
Advertisement

KARACHI: Pakistan’s textile exports witnessed an increase of 26 per cent to hit a record high of $12.6 billion in the first eight months of the fiscal year 2022, the Pakistan Bureau of Statistics (PBS) reported on Wednesday.

 In rupee terms, the exports witnessed an increase of 33 per cent to 2.15 trillion during the first eight months of fiscal year 2022.

During the first eight months of fiscal year 2022, key export driver was increase in value-added exports where knitwear segment contributed the most as it increased 34 per cent on a year-on-year basis to $3.3 billion followed by ready-made garments which were up 25 per cent to $2.5 billion and bedwear recording a growth of 20 per cent to $2.2 billion.

On a monthly basis, Pakistan textile exports have shown a recovery in February, up 8 per cent on a month-on-month basis, after witnessing two months of constant month-on-month decline since December 2021 due to a downfall in the value-added exports especially in the knitwear segment.

Despite decrease in volumes, increase in exports on monthly basis is attributable to higher cotton yarn exports, up 65 per cent on a month-on-month basis to $127 million in February 2022 due to the increase in cotton prices.

Advertisement

In addition, value-added segments such as knitwear and ready-made garments posted a decent growth in exports of 7 per cent each to $414 million and $354 million, respectively.

Compared with last year, Pakistan textile exports are up 36 per cent on a year-on-year and up 50 per cent on a year-on-year basis in rupee terms in February 2022, led by significant growth witnessed in value-added segments, largely in knitwear, up 42 per cent and ready-made up 49 per cent amidst volumetric growth.

Basic textile exports increased 35 per cent on a year-on-year basis to $369 million where major contribution comes from cotton cloth, up 56 per cent to $233 million.

The analysts expect the textile exports to keep robust growth in fiscal year 2022 and expect it to clock in at $19 billion.

Advertisement
Advertisement
Read More News On

Catch all the Business News, Breaking News Event and Latest News Updates on The BOL News


Download The BOL News App to get the Daily News Update & Follow us on Google News.


End of Article

Next Story