Karachi, January 19, 2024 – Pakistan’s textile sector, a cornerstone of the nation’s economy and a major contributor to foreign exchange earnings, has experienced a notable setback with a 5 percent decline in exports, totaling $8.28 billion during the first half (July – December) of fiscal year 2023-24.
(more…)Tag: Textile export
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Textile Exports Fall in November 2023 Amidst Soaring Gas Prices
Karachi, December 21, 2023 – Pakistan’s textile exports faced a significant setback in November 2023, recording a month-on-month (MoM) decline of 8 percent and a year-on-year (YoY) drop of 7 percent, totaling $1.3 billion.
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Pakistan Textile Exports Decline 10% in 1QFY24
Karachi, October 18, 2023: Pakistan has reported a 10 percent decline in textile exports during the first quarter (July-September) of fiscal year 2023-24.
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Textile Exports Witness 15% Decline to $16.5 Billion in FY23
Islamabad, July 18, 2023 – Pakistan’s textile exports have experienced a significant drop of 15% in the fiscal year 2022-23, as per data released by the Pakistan Bureau of Statistics (PBS) on Tuesday.
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Alibaba.com participates in TEXPO 2023
Karachi, May 26, 2023 – Alibaba.com, a leading global business-to-business (B2B) e-commerce platform, Friday announced its participation in the 4th International Textile Exhibition (TEXPO 2023), organized by the Trade Development Authority of Pakistan (TDAP) from May 26 to May 28, 2023.
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Pakistan textile exports slump by 14% amid global recession
Pakistan’s textile exports have experienced a significant slump of around 14 percent in the period of July to April 2022-2023, according to data reported by the Pakistan Bureau of Statistics (PBS).
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Pakistan’s textile group exports decline by 12.4% in first nine months of 2022-23
Pakistan’s textile group exports have declined by 12.4% in the first nine months of the current fiscal year 2022-23, amounting to $12.476 billion as compared to $14.242 billion during the same period last year, according to data released by the Pakistan Bureau of Statistics (PBS).
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Pakistan textile exports plunge by 30% in February 2023
KARACHI: Textile exports of Pakistan have plunged by 30 per cent in February 2023 owing to challenging economic scenario of the country.
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Pakistan textile exports decline by 11pc amid global economic slowdown
KARACHI: Pakistan textile exports registered a decline of over 11 per cent Month on Month (MoM) basis in October 2022 to $1.36 billion due to global economic slowdown.
“This is the lowest number since May 2021,” said Shameer Alam Zaidi, analyst at Ismail Iqbal Securities. He said the effect of global economic slowdown and high inventory levels held with retailers is now becoming more visible.
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The fall in export value has mainly come from volumetric decline as prices of almost all categories have either increased or stayed flat. This has taken fiscal year to date exports into negative territory with 1.4 per cent decline in first four months (July – October) of fiscal year 2022-2023.
Among value added items, bedwear has witnessed the largest decline of 19 per cent (on MoM basis), down to $217 million. Knitwear has remained on the downward path in October 2022 and declined by 10 per cent to $392 million. Among non value added items, cotton yarn has shown the largest decline of 35 per cent.
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The textile machinery imports have maintained a downward trend and are down by 21 per cent MoM to $42 million as against last 12 month average of $57 million. Raw cotton import is up 9 per cent on MoM basis, where the quantity is up 15 per cent. The cumulative import of raw cotton in first four months of the current fiscal year is up by 4.7 per cent, however the quantity imported is down by 11 per cent, which shows that the industry has not yet covered for the shortage of local cotton crop due to floods.
The realized price of imported cotton has been recorded at $2.8 per kilogram as against 2.4/kg and 3/kg in October 2021 and September 2022, respectively.
READ MORE: APTMA urges PM to save textile industry from total closure
The analyst said that the textile exports are expected to remain under pressure due to lack of new orders amid global economic slowdown and high inventory levels held by US retailers.
On domestic front, amid winter season the gas supply to textile industry has decreased as consumers are government’s first priority. “This has forced the industry to switch towards grid which is likely to hurt Sindh based exporters as the province enjoys significant lower gas rates compared to Punjab,” he added.
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Pakistan textile exports hit 11-month low in July 2022
KARACHI: Pakistan textile exports hit 11-month low in July 2022 to $1.48 billion, down 13 per cent month on month (MoM).
Analysts at Topline Securities on Tuesday said that tis was mainly due to decline witnessed in value-added segment down by 12 per cent MoM, mainly due to (i) Eid holidays during the first half of July, (ii) Lack of energy supplies, and (iii) global economic slowdown.
READ MORE: Pakistan’s textile exports hit record high at $19.33 bn in FY22
In Pakistani Rupee (PKR) terms, the same has clocked in at Rs325 billion, down by 7 per cent MoM.
During the month, the Government of Pakistan closed down the gas supplies to both export and non-export industry in Punjab till July 9, 2022. The decision was made to divert more LNG to the power sector for more electricity generation to mitigate power outages.
READ MORE: Textile exports surge to record high $11 billion in 7MFY22
Under Value-added division, Ready-made segment remained major underperformer as exports witnessed 17 per cent MoM decline to $305 million during July 2022 due to sharp decline in volumetric sales down by 7 per cent MoM.
Other value-added players such as Knitwear, Bedwear and Towel also posted decline of 8 per cent MoM, 11 per cent MoM, and 18 per cent MoM to $435 million, $254 million and $75 million, respectively.
READ MORE: PHMA cries foul on gas suspension to textile industry
Basic textiles also witnessed decline of 14 per cent MoM to $258 million in July 2022 (down 5 per cent YoY), where major decline came from cotton yarn where exports touched $71 million (down 24 per cent MoM).
As compared with July 2021, Pakistan textile exports marginally up by 1 per cent YoY (+38 per cent YoY in PKR terms) in July 2022 due to growth in value added segment.
Moving forward, increase in energy tariff and slowdown in global economy are few key challenges textile sector could face going ahead.
READ MORE: Textile exporters urge allowing cotton import from India