Pakistan’s cotton yarn exports skyrocket

ISLAMABAD: Pakistan’s cotton yarn exports have witnessed a remarkable ascent, soaring by 35.96 per cent during the initial month of the current fiscal year in comparison to the same period last year.

The Pakistan Bureau of Statistics (PBS) has unveiled this encouraging trend, underlining a surge in cotton yarn exports, which amounted to $97.032 million in July 2023, as opposed to the previous year’s $71.365 million for the same month.

However, it’s noteworthy that this July also saw a 9.40 percent month-on-month downturn in cotton yarn exports when juxtaposed with June 2023’s export figures of $107.097 million.

Despite this nuanced dip, the overall textile exports achieved a noteworthy tally of $1,311.659 million during the inaugural month of the prevailing fiscal year (2023-24).

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This marks an 11.44 percent decline from July 2022-23’s textile exports, which stood at $1,481.173 million.

Of considerable significance, the trade deficit demonstrated a substantial reduction of 41.16 percent during the primary month of the ongoing fiscal year (2023-24), as contrasted with the corresponding month in the preceding year.

The trade deficit for the review month registered at $1.607 billion, a significant drop from July 2022’s deficit of $2.731 billion – a remarkable decline of 41.16 percent.

Unveiling the trade dynamics further, exports for the month reached $2.057 billion, exhibiting an 8.57 percent contraction from the previous year’s $2.250 billion.

Concurrently, imports witnessed a substantial plummet of 26.44 percent, sliding from last year’s $4.981 billion to $3.664 billion in July 2023. INP