Islamabad, July 19, 2024 – Pakistan’s textile group exports saw a slight increase of 0.93% during the fiscal year 2023-24, reaching $16.655 billion compared to $16.501 billion in the previous fiscal year, according to data from the Pakistan Bureau of Statistics (PBS).
The PBS report on exports and imports for the fiscal year 2023-24 indicated that the country’s total exports amounted to $30.677 billion, a significant 10.65% increase from the $27.724 billion recorded during the same period last year.
Despite this overall growth, the textile group faced challenges in June 2024. Exports for the month dropped by 3.91% year-on-year, totaling $1.414 billion compared to $1.471 billion in June 2023. On a month-on-month basis, the textile group experienced a 9.23% decline from $1.558 billion in May 2024.
In contrast, cotton yarn exports showed a robust 13.17% growth over the fiscal year, reaching $955.510 million, up from $844.283 million in the previous year. This positive trend highlights the resilience of specific segments within the textile sector.
The provisional figures from PBS also revealed that textile exports in June 2024 stood at $2,560 million, a 9.83% decrease from $2,839 million in May 2024. However, this was an 8.66% increase from the $2,356 million recorded in June 2023.
A notable highlight in Pakistan’s export performance for FY24 was the significant surge in rice exports. The country exported 6.018 million tons of rice during the fiscal year, up from 3.718 million tons in the previous year, marking an impressive 82.94% increase. This surge brought in $3.931 billion, compared to $2.149 billion last fiscal year.
The main commodities driving exports in June 2024 included knitwear (Rs119,053 million), readymade garments (Rs90,445 million), bed wear (Rs65,290 million), and various categories of rice. Specifically, other rice exports amounted to Rs55,876 million, and basmati rice exports stood at Rs28,705 million. Other significant exports included cotton cloth (Rs37,626 million), towels (Rs24,272 million), and cotton yarn (Rs12,618 million). Additionally, exports of made-up articles (excluding towels and bedwear) reached Rs16,598 million, and fruits totaled Rs13,571 million.
These figures underscore the mixed performance within Pakistan’s export sector, with notable gains in certain areas counterbalanced by declines in others. As the country navigates economic challenges, the slight growth in textile exports provides a silver lining, reflecting ongoing efforts to strengthen this key sector.