According to data from the Pakistan Bureau of Statistics (PBS), exports of Pakistan’s textile group fell 14.22% during the first ten months of the fiscal year 2022–23 (FY23), totaling $13.709 billion as opposed to $15.981 billion during the same period the year before.
Negative Impact on Economy Due to Fall in Textile Exports
According to PBS data, the country’s textile group exports decreased by 29.11% in April 2023 compared to the same month the year before, coming in at $1.232 billion instead of $1.739 billion.
When compared to $1.257 billion in March 2023, textile exports saw a negative growth rate of 1.9 percent on a month-over-month (MoM) basis.
Exports of cotton yarn experienced a markedly negative growth rate of 36.71% from July through April, totaling $636.831 million as opposed to $1.006 billion during the same time last year.
Cotton yarn exports recorded a negative growth rate of 6.35% month over month and a negative growth rate of 34.72% year over year.
Overall exports for the nation fell by 11.68% to $23.181 billion (provisional) in the first ten months of FY23 from $26.247 billion in the same period the year before.
Exports in April 2023 totaled $2.137 billion (provisional), a considerable loss of 26.23% from $2.897 billion in April 2022 and a drop of 9.91% from $2.372 billion in March 2023.
Knitwear, ready-made clothing, bedwear, different types of rice, cotton fabric, towels, rice basmati, cotton yarn, fish and fish preparations, and manufactured goods (aside from towels and bedwear) were the primary exports in April 2023.
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