Textile exports climb to $ 15.4 billion in fiscal year 21 – Journal

ISLAMABAD: Pakistan’s textile and clothing exports grew 22.94 percent in the outgoing fiscal year compared to the same period a year ago, according to data released Monday by the Bureau of Pakistan statistics.

In absolute terms, total textile and clothing exports amounted to $ 15.4 billion in 2020-2021 compared to $ 12.526 billion the previous year.

Growth in value-added sector exports has contributed to an increase in overall sector exports. One of the reasons for the growth of these sectors is due to the weak base last year, when export-oriented industries remained closed due to the Covid-19 lockdown and the cancellation of orders for international buyers.

The breakdown shows that ready-to-wear clothing exports rose 18.83 percent to $ 3.032 billion in FY21, from $ 2.552 billion in the corresponding months of the previous year. . Knitwear exports rose 36.57% to $ 3.816 billion from $ 2.794 billion in the corresponding months last year. Exports of bed clothes rose 28.87% to $ 2.771 billion this year, from $ 2.150 billion last year.

Growth attributed to last year’s weak base caused by pandemic

Growth of 31.81 percent was seen in towel exports to $ 937.536 million in FY21, from $ 711.265 million last year.

Exports of leather garments increased by 14.02% and those of leather gloves by 22.26%. Exports of rawhide fell by more than 12.04 pc.

Cotton fabric exports grew 4.98% in FY21 to $ 1.921 billion, while cotton yarn exports increased 3.26% to $ 1.016 billion on a annual basis. Raw cotton exports fell 95.27% this year compared to last year.

It indicates that these raw materials were consumed to the maximum in the value-added sector because the government also allowed the duty-free importation of these products.

Exports of carded cotton increased by 3.17 pc and yarn other than cotton yarn by 29.62 pc.

Exports of tents, canvas and tarpaulins increased by 12.10 pc, those of art, silk and synthetic textiles by 17.68 pc and made-up articles, excluding towels and bed linen, by 28.08 pc.

In the 2021-2022 budget, several measures, including the reduction of tariffs on raw materials to promote exports of value-added pharmaceuticals, plastics, chemicals, engineering and textiles, had been proposed.

Between July 1 of last year and June 30 of this year, global exports reached $ 25.304 billion compared to $ 21.393 billion in the corresponding months of last year, indicating a growth of 18, 28 percent.

The import of textile machinery grew 35.35% to $ 592.076 million on an annual basis. This indicates that the industry has started to import textile machinery as part of the modernization or expansion of the sector.

The industry imported 857,373 tons of raw cotton in the outgoing year against 536,707 tons last year, an increase of 59.75pc, to fill the deficit of the national sector.

Likewise, imports of synthetic fibers increased by 52.69 pc, the industry having imported 447,351 tons this year against 292,972 tons the previous year.

Imports of synthetic and artificial silk yarn amounted to 392,092 tons this year against 248,834 tons last year, an increase of 57.57 pc. The import of used clothing grew by 89.64% to 732,623 tonnes this year against 386,320 tonnes the previous year.

Posted in Dawn, July 20, 2021

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