Pak textile sector export witnessed decline of 7.42 percent in FY16

Pakistan textile sector exports registered 7.42 percent decline during the Fiscal Year 2015 16 in which raw cotton and cotton yarn remained the major contributor of decline in the textile exports as their exports witnessed decrease of 47.89 percent and 31.77 percent respectively, revealed Pakistan Bureau of Statistics data on Friday.

It may be recalled that cotton production in the country during last season declined sharply in Punjab due to unprecedented weather conditions.

While, textile exports during the period July June (2015 16) recorded US 12.455 billion compared to US 13.453 billion in same period of the preceding year.

Similarly yarn and other than cotton yarn export decreased by 23.48percent from 42.828 million to 32.774 million while cotton cloth export decreased by 9.71 percent as it went down from 2.452 billion in July June (2014 15) to 2.214 billion in same period of the year 2015 16.

However, export of readymade garments showed a positive sign as it rose to 2.196 billion in July June (FY 16) from 2.095 billion in same period of the year 2014 15 thus showing an increase of 4.83 percent. Likewise knitwear export decreased from 2.406 billion in July June (2014 15) to 2.369 million in the year 2015 16 thus showing a decrease of 1.54 percent.

Towels exports also witnessed nominal decrease of 0.41percent as it went down from 797.155 million in previous fiscal year to 793.898 million in FY 16. The export of bed wear plunged by 4.14 percent from 2.103 billion in 2014 15 to 2.016 billion in the year 2015 16.

Export of art silk and synthetic textile decreased by 12.89 percent from 330.584 million to 287.973 million during July June (2015 16).

Exports of tents canvas and tarpaulin also witnessed drop of 28.06 percent which went down to 91.055 million during the period under review from 126.575 million in the preceding year.