Pakistan’s Textile Exports Surge by 6% to $1.44 Billion in October 2023

Pakistan’s textile exports jumped by 6 percent on a year-on-year (YoY) basis in October 2023 and stood at $1.44 billion compared to $1.356 billion in October 2022, according to data released by the Pakistan Bureau of Statistics (PBS). The country’s textile group exports declined by around 6.33 percent during the first four months (July-October) of the current fiscal year and stood at $5.565 billion compared to $5.940 billion during the same period of 2022-23. The country’s overall exports during the October fiscal year 2023-24 totaled $9.6 billion (provisional) against $9.554 billion during the corresponding period of last year showing a decrease of 0.48 percent. The data on exports and imports released by PBS revealed that on a month-on-month (MoM) basis textile exports registered 5.61 percent growth in October 2023 and stood at $1.437 billion compared to $1.360 billion in September 2023. The exports in October 2023 were $2.690 billion (provisional) as compared to $2.476 billion in September 2023 showing an increase of 8.64 percent and by 12.84 percent as compared to $2.384 billion in October 2022. Cotton yarn exports increased by 42.85 percent during the first four months quarter of the current fiscal year as it stood at $407.564 million compared to $285.315 million during the same period of last fiscal year. On a year-on-year basis, cotton yarn exports registered 87.88 percent growth and stood at $92.160 million when compared to $49.052 million, while on a MoM basis, it registered 18.85 percent negative growth when compared to $113.567 million in September 2023. Rice exports increased by 30.12 percent during the first four months of the current fiscal year and stood at $710.788 million when compared to $546.261 million. Food group exports increased by 30.29 percent during the first four months of the current fiscal year and stood at $1.944 billion when compared to $1.492 billion during the same period of last fiscal year. The main commodities of exports during October 2023 were Knitwear (Rs. 104,025 million), Readymade garments(Rs. 76,920 million), Bed wear (Rs. 68,298 million), Rice Others (Rs. 66,558 million), Cotton Cloth (Rs. 47,758 million), Oil seeds, nuts and kernals (Rs.33,897 million), Towels (Rs. 26,312 million), Cotton Yarn (Rs.25,838 million), Rice basmati (Rs. 18,783 million) and Madeup articles (excl. towels & bedwear.) (Rs. 17,980 million).