Friday , July 20 2018
Breaking News
Home / Business / Textile exports surge by 7.17pc to $8.8b
Textile exports surge by 7.17pc to $8.8b

Textile exports surge by 7.17pc to $8.8b

ISLAMABAD: Pakistan’s textile exports recorded growth of 7.17 percent during eight months (July to February) of the ongoing financial year (2017-18).

The country exported textile and clothing products worth $8.8 billion during July-February period of the year 2017-18 as against $8.2 billion of the corresponding period of the previous year, according to the Pakistan Bureau of Statistics (PBS). The growth in textile and clothing products exports enhanced the country’s overall exports to $14.8 billion during July-February of 2017-18 as compared to $13.3 billion of the corresponding period of the last year.

“These results have been achieved due to the export-friendly policies and incentives of the government and the renewed efforts towards seeking better market access by the Ministry of Commerce,” the Ministry of Commerce said. The positive trend in the international demand and exchange rate correction are also expected to help sustain this rising trend in the coming months.

According to the PBS, the main driver of growth was the value-added textile sector. Exports of ready-made garments went up by 13.08 percent in the first eight months of the ongoing financial year. Similarly, exports of knitwear increased by 13.3 percent during the period under review. Exports of bedwear went up by 4.51 percent in value. Similarly, exports of made-up articles, excluding towels, increased by 7.32 percent. Art, silk and synthetic textile exports grew by 80.08 percent during the period under review. Exports of cotton yarn witnessed an increase of 1.87 percent and exports of cotton cloth recorded minor growth of 0.04 percent. However, exports of cotton carded tumbled by 97.87 percent. Exports of tents, canvas and tarpaulin also declined by 39.49 percent.

Meanwhile, the exports of food commodities recorded massive increase of 21.74 percent during July-February period of the ongoing financial year. In food commodities, exports of rice recorded growth of 22.14 percent, fish 10.18 percent and vegetables exports went up by 39.78 percent. Meanwhile, exports tobacco enhanced by 123.6 percent and wheat exports also recorded growth during eight months of the current fiscal year.

On the other hand, the imports went up by 17.09 percent and were recorded at $39.1 billion during first eight months of the current financial year as against $33.4 billion during the same period last year. The country spent $9 billion on the imports of petroleum group, 34.9 percent higher than a year ago. In the petroleum sector, the government imported petroleum products worth $4.9 billion and spent $2.5 billion on petroleum crude. Similarly, the country imported liquefied natural gas (LNG) worth $1.4 billion and liquefied petroleum gas (LPG) worth $208 million.

The PBS data showed that country had spent $7.56 billion on importing machinery during first eight months of the ongoing financial year. The third biggest component was food commodities whose imports rose 6.32 percent year-on-year to $4.2 billion.