Pakistan generated more than $16.5 billion from textile exports during the fiscal year 2022-23, according to the Pakistan Bureau of Statistics (PBS).
According to PBS data released here on Tuesday, textile goods exports were $19.329 billion during the same period last year, representing a 14.63 percent decrease for the fiscal year 2022-23.
Raw cotton was one of the textile items that contributed favorably to trade, with exports increasing by 104.78 percent from $6.577 million in FY 2021-22 to $13.468 million in FY2022-23. Tents, canvas, and tarpaulin increased by 24.93 percent, from $110.413 million to $137.944 million, while ready-made clothing increased by 24.93 percent.
Cotton yarn exports fell 30.04 percent, from $1,206.789 million to $844.283 million, among the textile items that saw negative trade growth.
Similarly, cotton cloth decreased by 17.06 percent, from $2,437.875 million to $2,021.999 million, cotton (carded or combed) exports decreased by 31.72 percent, from $1.631 million to $1.114 million, yarn (other than cotton yarn) decreased by 31.85 percent, from $66.188 million to $45.106 million, knit wear decreased by 13.36 percent, from $5,121.040 million to $4,436.779 million, and bed-wear decreased by 18.
Furthermore, towel exports fell by 10.05 percent, from $1,111.337 million to $999.594 million, readymade garments fell by 10.57 percent, from $3,904.654 million to $3,491.948 million, art, silk, and synthetic textiles fell by 10.38 percent, from $460.058 million to $412.289 million, made up article excluding towels fell by 18.44 percent, from $849.121 million to $692.548 million, and all other textile materials fell by 6.34 percent.
Meanwhile, year on year (YoY), textile goods exports fell 13.73 percent in June 2023 to $ 1,471.976 million, compared to $ 1,706.245 million in June 2022.
According to PBS data, textile goods exports climbed by 11.47 percent month on month (MoM) in June 2023 when compared to exports of $ 1,320.558 million in May 2023.
It is worth noting that the overall trade deficit decreased by 43.03 percent in the fiscal year 2022-23 compared to the previous year (2021-22).
The trade deficit in July-June (2022-23) was $27.547 billion, a 43.03 percent decrease from the deficit of $48.354 billion in July-June (2021-22).
Exports for the year totaled $27.744 billion, a 12.71 percent decrease from $31.782 billion the previous year. Imports, on the other hand, fell by 31% from $80.136 billion last year to $55.291 billion during fiscal year 2022-23.