The textile exports of Pakistan have experienced a slight decline, reaching $12.44 billion during the first nine months (July-March) of the fiscal year 2023-24, marking a nominal decrease of 0.25 percent compared to the same period in the previous fiscal year, according to data released by the Pakistan Bureau of Statistics (PBS).
The PBS data revealed that textile exports exhibited a month-on-month (MoM) growth of 3.29 percent in March 2024, reaching $1.299 billion compared to $1.257 billion in March 2023. However, there was a notable decrease of 7.67 percent from February 2024, where exports stood at $1.407 billion.
While certain segments of the textile industry experienced growth, others faced challenges during the period under review. Raw cotton exports surged by an impressive 331.88 percent, reaching $56.086 million in July-March 2024, compared to $12.987 million in July-March 2022-23. Similarly, cotton yarn exports witnessed a substantial increase of 38.17 percent, totaling $791.808 million compared to $573.084 million in the corresponding period.
However, the export of cotton cloth saw a decline of 7.49 percent, falling to $1.422 billion during July-March 2024 from $1.538 billion in July-March 2022-23. Additionally, cotton carded exports decreased by 24.50 percent, while yarn other than cotton and knitwear exports experienced declines of 19.5 percent and 4.43 percent, respectively.
In the food group category, rice exports showcased remarkable growth during July-March 2023-24, surging by 83.37 percent to $2.939 billion from $1.598 billion recorded in July-March 2022-23. Overall, the food group exports saw an increase of 48.17 percent, reaching $5.651 billion compared to $3.814 billion in the corresponding period.
Basmati rice exports, in particular, demonstrated a significant uptick, rising by 36.37 percent to $622.345 million from $456.357 million, reflecting strong demand for Pakistan’s high-quality rice varieties in international markets.
The fluctuations in textile and food exports underscore the complex dynamics at play within Pakistan’s export sector. While certain segments have shown resilience and growth, others have faced challenges, potentially influenced by factors such as global market conditions, exchange rates, and domestic production capacities.
The government’s policies and initiatives aimed at enhancing export competitiveness and addressing structural challenges in key sectors will be crucial in sustaining export growth and promoting economic stability in the coming months. Additionally, efforts to diversify export products and explore new markets could further bolster Pakistan’s export performance in the long term.
