Pakistan records $159.04m leather goods exports in three months
ISLAMABAD-Pakistan’s exports of leather goods increased by 2.99% in the first three months of the current fiscal year (2022-23) as compared to the corresponding period of 2021-22, according to Pakistan Bureau of Statistics (PBS).
As per PBS data, the leather products exports were recorded at $159.046 million in July-September 2022-23 against the exports of $154.427 million in July-September 2021-22. On year-on-year (YoY) basis, leather manufactures exports increased by 15.10% and remained at $53.370 million in September 2022, compared to $48.108 million in September 2021. The country’s monthly leather products exports increased by 3.62% in September 2022, compared to $53.437 million in August 2022. The exports of leather garments increased by 0.29% to $80.724 million in the first three months of the fiscal year 2022-23, compared to $80.487 million in the same period of the last fiscal year. On YoY basis, leather garments exports increased by 17.95% in September 2022 compared to the same month last year. Exports in September 2022 were recorded at $27.721 million against the exports of $23.503 million in September 2021.
Pakistan’s leather garments exports increased by 1.14% on month-on-month (MoM) basis to $26.692 million in September 2022, as compared to $26.390 million in August 2022. Likewise, the exports of leather gloves increased by 7.24% from $69.372 million to $74.393 million in the first three months of the current fiscal year, and other leather products exports decreased by 13.99% from $4.568 million to $3.929 million in the corresponding period of last year. On MoM basis, the exports of leather gloves witnessed an increase of 2.44% to $26.281 million in September 2022 as compared to exports of $25.655 million in August 2022. On YoY basis, exports of leather gloves increased by 13.95%. The country’s total footwear exports increased by 27.07% to $48.972 million in July-September 2022-23 compared to $38.540 million in the corresponding period of 2021-22. The country’s overall textile exports increased by 3.68% to $4.583 billion in the first three months of 2022-23 compared to $4.420 billion in the corresponding period of 2021-22. Contributing significantly to the nation’s exports, Pakistan’s leather industry currently is one of the country’s major earners of foreign exchange. Thousands of jobs are supported by this sector, which contributes 4% to national income from exports. There is a noticeable growth in Asian economies such as China and India despite changing circumstances around the world. It is also possible for Pakistan to grow at a faster rate, but the political scenario, socio-economic environment, and lack of updated technologies are the main obstacles. China is the largest producer of footwear and leather goods, and with Pakistan producing excellent leather for big brands with lower labour costs, there is immense potential for cooperation between the two countries to create a win-win situation.