Textile exports rise to $2.2 billion in July-August

  • 22-Sep-2017
  • Textile exports rise to $2.2 billion in July-August

Textile exports increased 5.9 percent to $2.18 billion in the first two months of the current fiscal year of 2017/18 as the sector geared up efforts to meet government's exports increment target to qualify for incentives.  

Pakistan Bureau of Statistics (PBS) data on Wednesday showed that textile industry fetched $2.06 billion in revenue in the corresponding period of the last fiscal year.

Textile sector accounted for more than 60 percent of exports revenue of $3.49 billion earned during the period under review. Total exports were up 11.8 percent over the same period a year earlier.

Value-added textile industry showed resilience during the two-month period. The highest revenue spinner in the group was knitwear that earned the country $439.26 million in July-August, up 7.6 percent over the corresponding period a year ago. Exports of readymade garments rose 15.7 percent to $418.63 million during the period under review. Likewise, bedwear export increased 8.1 percent to $384.32 million. Cotton cloth export, however, decreased 7.9 percent to $349.3 million.

In January, the government unveiled a Rs180 billion worth of incentive package for both textile and non-textile sectors. The scheme comprises of concessions on and exemption from sales tax and customs duty on import of cotton and textile machinery. But the incentives are linked with an increase of exports revenue by at least three billion dollars till end of the current fiscal year.   

PBS data showed that food exports climbed 30.1 percent to $512.32 million in the July-August period. Almost half of the food export revenue stemmed from rice export that rose 40.4 percent to $223.94 million during the period under review.

Leather sector, which continued to face decline in exports for quite sometimes, also witnessed a rise of 5.8 percent in exports at $89.17 million during the two months.

In August, textile exports rose 8.6 percent year-on-year (YoY) and 16.5 percent month-on-month (MoM) to $1.18 billion. Knitwear export increased 21.1 percent YoY and 26.7 percent MoM. Exports of bedwear surged 14.9 percent YoY and 25.5 percent MoM. Readymade garments export rose 11.1 percent YoY, but it fell 3 percent MoM.   

In July-August, total imports surged 24.9 percent to $9.79 billion, according to PBS.  

Key import groups, during the two months, included petroleum products, followed by machinery, agricultural products and implements and foods.

Oil imports soared 34.4 percent to $2.03 billion in July-August. Imports of machinery, mainly power generation plants, electrical appliances and telecom equipment, rose 6.3 percent to $1.98 billion. Agricultural products’ import amounted to $1.42 billion, depicting an 18.3 percent jump YoY.  

Food import bill climbed 27.2 percent to $1.12 billion in the period under review. In food group, the major import was of palm oil that shot up 47.6 percent to $359.62 million. In August, imports increased 15.1 percent YoY and inched up 2.4 percent MoM to $4.95 billion.

Petroleum group’s imports amounted to $1.08 billion, up 47.9 percent YoY and 14.5 percent MoM during the last month. Though machinery import declined 15.8 percent YoY and 6.4 percent MoM to $951.67 million, it was the second biggest import group in August.

Import of agricultural and other chemicals rose 11.3 percent YoY and fell 5 percent MoM to $691.78 million in August.Food imports increased 15.5 percent YoY and 10.1 percent MoM to $588.49 million during the past month.

Source:-Thenews.com.pk

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