Islamabad: In the first half of this fiscal year (H1), exports of textile products increased by 7.79% year-on-year.
The textile exports were recorded at $7442.425 million in July-December (2020-21) against the exports of $6904.689 million in July-December (2019-20), showing growth of 7.79 percent, according to latest data of Pakistan Bureau of Statistics (PBS).
The textile commodities that contributed in positive trade growth included knitwear, exports of which increased from $1586.923 million last year to $1849.605 million during the current year, showing growth of 16.55 percent.
Likewise, exports of bed wear increased by 16.38 percent by growing from $1197.931 to $1394.180 while the exports of towels increased by 17.47 percent, from $379.426 million to $445.709 million.
The exports of tents, canvas and tarplin grew by 57.77 percent, from $39.599 million to $62.477 million, while the exports of readymade garments increased by 5.54 percent, from $1412.111 million to $1490.370 million and the exports of art, silk and synthetic textile incrased by 0.17 percent, from $167.218 million to $167.502 million while exports of madeup article (excluding towels and bed wear) increased by 17.46 percent, from $322.855 million to $379.229 million.
Meanwhile, the commodities that witnessed negative growth in traded included raw cotton, exports of which declined by 96.14 percent, from $15.331 million to $0.592 million while the exports of cotton yarn decreased by 26.36 percent, from $544.148 to $400.730.
The exports of cotton cloth also decreased by 7.73 percent, from $1013.325 million to $935.009 and yarn (other than cotton yarn) by 7.28 percent, from $14.521 million to $13.464 million.
At the same time, compared with the same period last year, textile exports in December 2020 increased by 22.72% year-on-year. The export value in December 2020 was 1401.004 million U.S. dollars, while the export value was 11416.20 million U.S. dollars.
Compared with the export value of US$12,292.58 million in November 2020, the country’s exports have increased by 9.20% on a monthly basis.
What needs to be mentioned here is that this fiscal year (the first half of 2020-21), the country’s merchandise exports increased by 4.98% compared to the same period last year.
According to the latest data from PBS, the country’s exports from July to December (2020-21) were US$12.098 billion, and from July to December (2019-20) it was US$11.524 billion.
During the reporting period, the country’s imports also increased by 5.72%, from US$23.195 billion last year to US$24.521 billion in the first half of this fiscal year.
According to these figures, the country’s trade deficit in the first half of the year increased by 6.44% over the same period last year. The trade deficit for the first six months of this fiscal year was US$12.423 billion, compared with US$11.671 billion last year.