Textile exports jump 26pc to $12.6bn in first eight months of FY22
ISLAMABAD: Textile and clothing exports grew 26.08 per cent year-on-year to $12.60 billion in the first eight months of this fiscal year (8MFY22), mainly on the back of a massive depreciation in the rupee’s value and a steady rise in global demand.
Data released by the Pakistan Bureau of Statistics on Tuesday in February the textile and clothing exports grew 35.72pc year-on-year.
The government has recently announced the much-awaited textile and apparel policy pending for the last few years. Several measures are announced which are expected to jack up exports from the country.
The country’s trade deficit widened by 82pc to $31.9bn in 8MFY22.
Liquidity issues were also resolved to a considerable extent by a timely release of refunds and the payment of cash subsidies. Data showed that ready-made garments exports jumped 25.11pc in value and 20.54pc in quantity for the period during July-Feb FY22, while the exports of knitwear edged up 33.86pc in value and 4.75pc in quantity.
Bedwear exports grew 20.34pc in value and 17.28pc in quantity. Towel exports were up by 17.26pc in value and 5.56pc in quantity, whereas those of cotton cloth rose by 28.23pc in value and 13.01pc in quantity.
Among primary commodities, cotton yarn exports surged 34.40pc and those of yarn made from material other than cotton by 105.59pc.
The exports of made-up articles — excluding towels — rose by 9.91pc, while those of tents, canvas and tarpaulin dipped by 12.48pc during the period under review.
The import of textile machinery jumped 78.52pc in 8MFY232, reflecting expansion or modernisation in the textile industry.
The import of raw cotton in quantity declined by 11.91pc, followed by synthetic fibre 14.28pc and synthetic and artificial silk yarn by 6.29pc, respectively. However, the import of worn clothing increased by 46.82pc.
Pakistan’s oil and eatable import bill surged by 64.34pc to $19.36bn in the July-February period compared to $11.78bn in the corresponding period last year owing to higher international prices and massive depreciation of the rupee.
The total import bill increased by 55.07pc to $52.50bn in 8MFY22 against $33.85bn in the corresponding period last year.
The import of medicinal products went up 407pc to $3.64bn in the first eight-year against $718.89m. This is one of the major increase in imports of one sector mainly due to an increase in import of Covid-19 vaccines.
The import bill of oil increased by over 100.78pc to $12.94bn in 8MFY22 from $6.44bn over the corresponding months of last year.
Further breakup showed that the import of petroleum products went up by 116.65pc in value and 22.02pc in quantity.
Crude oil imports rose by 79.92pc in value and a 0.98pc in quantity during the period under review while those of liquefied natural gas increased by 105.27pc in value. Liquefied petroleum gas imports jumped by 48.36pc in value in 8MFY22.
The food import bill rose by over 20.24pc to $6.42bn in 8MFY22 from $5.34bn over the corresponding period last year to bridge the gap in food production.
Within the food group, the major contribution came from wheat, sugar, edible oil, spices, tea and pulses.
The machinery import bill increased by 27.46pc to $7.74bn in 8MFY22 against $6.08bn in the same period last year. The major contribution came from the import of electrical machinery and mobile phones.
The mobile phone imports were up by 7.63pc YoY to $1.41bn in 8MFY22. The arrival of apparatus of mobile phones posted YoY growth of 48pc to $456.56m.
Published in Dawn, March 16th, 2022