Pakistan’s overall textile exports dip by 4.29%

WEB DESK: In January 2024, Pakistan witnessed a 4.29 per cent month-on-month (MoM) drop in total textile exports, amounting to $1.32 billion, as reported by the State Bank of Pakistan (SBP).

This decline follows the $1.37 billion recorded in the previous month. On a year-on-year (YoY) basis, however, textile exports showed a positive trend, increasing by 5.51 per cent in comparison to January 2023.

Cumulatively for the first seven months of the fiscal year 2024 (7MFY24), textile exports faced a 7.22 per cent YoY decrease, totaling $9.59 billion, down from $10.33 billion in 7MFY23.

Textile products maintained their dominance in the export landscape, contributing 51.01 per cent to the total exports in January 2024.

Key contributors within this category were knitwear, readymade garments, and bed wear, with varying performance trends.

Knitwear exports experienced a 2.25 per cent decline, while Readymade Garments and Bed Wear saw increases of 0.94 per cent and 7.82 per cent, respectively, compared to January 2023.

Despite the challenges in the textile sector, it remained the primary driver of Pakistan’s export market.

Read next: PKR remains stable against USD