Pakistan’s textile exports dip by 0.57 per cent in August

WEB DESK: The country’s textile exports fell slightly by 0.57 per cent to $1.41 billion in August 2024, compared to $1.42 billion in the same month last year, according to data from the State Bank of Pakistan (SBP).

However, on a month-to-month basis, textile exports increased by 2.25 per cent in August 2024, rising from $1.38 billion in July 2024.

For the first two months of the fiscal year 2025 (2MFY25), total textile exports grew by 1.75 per cent, reaching $2.78 billion compared to $2.74 billion in the same period last year (2MFY24).

Pakistan’s overall exports for August 2024 were $2.49 billion, up by 2.9 per cent compared to $2.42 billion in August 2023. Month-on-month, exports saw a 4.8 per cent increase.

Textile products were the top exports for the country, making up 56.56 per cent of total exports in August 2024. Key products included Knitwear ($378.83 million), Readymade Garments ($326.97 million), and Bed Wear ($236.3 million). Knitwear exports grew by 0.82 per cent, Readymade Garments jumped by 12.33 per cent, and Bed Wear exports increased by 1.13 per cent.

The food sector was the second biggest contributor to exports, with a value of $492.05 million, up by 25.5 per cent compared to $392.07 million in August 2023. However, month-to-month, food exports fell by 9.72 per cent, down from $545.01 million in July 2024.

In 2MFY25, food exports rose by 35.45 per cent year-on-year, reaching $1.04 billion compared to $765.62 million in the same period last year.

Rice was the main export in the food category, bringing in $205.11 million in August 2024. Although this was an 11.16 per cent drop from July 2024, it marked a 63.78 per cent increase compared to August 2023.

The export of Oil Seeds, Nuts, and Kernels stood at $14.68 million in August 2024, declining by 46.3 per cent month-on-month but growing by 52.93 per cent year-on-year.

Surgical goods and medical instruments exports grew by 6.49 per cent year-on-year, reaching $38.56 million in August 2024. Leather exports dropped slightly by 1.43 per cent, amounting to $52.15 million in August 2024.

Meanwhile, sports goods exports increased by 7.63 per cent to $32.4 million compared to August 2023, but fell by 12.14 per cent month-on-month from $36.88 million in July 2024.

Chemical and pharmaceutical product exports rose by 16.9 per cent, bringing in $142.32 million in August 2024, up from $121.75 million in August 2023. Petroleum product exports accounted for 1.71 per cent of the country’s total exports, with earnings of $42.53 million, a 44.43 per cent increase from August 2023.

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