Pakistan textile and garment exports earning surpassed $10bn mark during July-March 2014-15

Pakistan textile and garment exports earned has surpassed US$ 10billion mark in the first nine months of fiscal year 2014-15 that began on July 1, 2014. According to the data released by the Pakistan Bureau of Statistics, it has earned US$ 10.207 billion from textile exports. However, the value of textile and apparel exports during the nine-month period was 1.57 per cent lower compared to exports of $9.136 billion in the corresponding period of previous fiscal.

The increase in exports of garments along with a decline in exports of raw cotton, yarn and fabric is a good sign for Pakistan’s value-added textile industry, as the country is exporting more finished goods compared to last fiscal.

In July-March 2014-15, Pakistan’s knitwear exports grew by 7.54 per cent year-on-year to $1.791 billion, while exports of non-knit readymade garments were up by 8.51 per cent to $1.548 billion.

Raw cotton exports touched $142.031 million in the nine-month period, showing a drop of 21.94 per cent compared to exports of $181.956 million made during the corresponding period of previous fiscal. Also, cotton yarn exports dropped by 7.48 percent to $1.46 billion, as against exports of $1.578 billion made during the same period last fiscal.

Exports of cotton fabric declined 12.62 percent to $1.859 billion during the period under review, while bedwear exports declined by 2.4 per cent to $1.569 billion, as per the data.

On the other hand, Pakistan’s import of synthetic fibre raised 25.1 per cent year-on-year to $391.594 million, whereas imports of synthetic and artificial silk yarn witnessed a growth of 8.39 percent to register $492.231 million. This only shows that in recent months, textile enterprises have increased the use of synthetic fibre and yarn.

At the same time, it is seen that Pakistani entrepreneurs has a lower intent to invest in the industry as the value of textile machinery imports made by Pakistan during the period declined by 21.22 percent year-on-year to $336.097 million.