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Month-on-month decrease in textile exports

The State Bank of Pakistan reports a 5.43% month-on-month decrease in textile exports for the month of November, indicating a downturn in this vital export segment for the country.

The latest data from the State Bank of Pakistan reveals a decline in the country’s textile exports. November 2023 saw a 5.43% drop in these exports compared to the previous month, totaling $1.37 billion, down from $1.45 billion in October. Year-on-year, the decrease was 3.52% for November.

The first five months of the fiscal year 2024 (FY24) also marked a downward trend, with a 10.14% year-on-year decline in textile exports, amounting to $6.9 billion compared to $7.67 billion during the same period last fiscal year.

However, overall exports in November 2023 showed a 21.53% year-on-year increase, reaching $2.73 billion, up from $2.25 billion in November 2022. Despite this, there was a slight month-on-month decrease of 1.16%.

The textile sector continued to dominate Pakistan’s export profile in November, contributing 50.31% to the total export value. Key textile products included Knitwear, Readymade Garments, and Bedwear. Knitwear and Readymade Garments witnessed a drop of 12.38% and 9% respectively, while Bedwear saw a 1.65% increase.

The food group emerged as the second-largest export sector, with a substantial 96.75% year-on-year growth in November, totaling $704.93 million. The five-month cumulative exports in the food group for FY24 grew by 39% to $2.59 billion, compared to $1.86 billion in the same period of FY23, with rice being a significant contributor.

Conversely, exports in surgical goods & medical instruments, and leather manufacturers saw a decline. However, sports goods exports increased by 9.65% year-on-year.

There was also an increase in exports of chemical and pharmaceutical products by 10.33% to $123.64 million. The petroleum group, accounting for 3.13% of total exports, saw a 43.59% increase, earning $85.62 million in November 2023.

This comprehensive overview presents a mixed picture of Pakistan’s export dynamics, with notable growth in some sectors and declines in others.