Pakistan textile exports rise 3pc to $1.006 bn in July

Pakistan government’s incentive package for the export sector seemed to revive the wilting foreign exchange revenue spinner, its textile exports has increased by around three percent year-on-year to $1.006 billion in July as compared to textile exports of $979.414 million in the same month a year ago recorded Pakistan Bureau of Statistics (PBS).

Readymade garment exports posted a major growth of 20.47 percent year-on-year to $212.521 million in July. Its exports dropped 12.53 percent from $242.951 million in the preceding month. Exports of textiles, however, dropped 17.34 percent from $1.217 billion in June 2017.

Exports of bed wear remained flat at $170.443 million in July over the last year. Bed wear exports declined 18.55 percent from $209.258 million in June 2017. In July, knitwear exports decreased 5.8 percent year-on-year and 24 percent month-on-month to $193.749 million.

In January, government unveiled Rs180 billion incentive package for exporters to boost the country’s exports by around three billion dollars by end June 2018. Under the package, sales tax and customs duty on import of textile machinery and cotton have been abolished. The country’s total exports between 2013 and 2015 declined more than 12 percent.

Imports jumped 36.74 percent year-on-year and increased 6.64 percent month-on-month to $4.834 billion in July. Key imports in the month under review included machinery. In July, imports of machinery climbed 40.86 percent year-on-year and 14.91 percent month-on-month to $1.016 billion.

Power generation machinery imports held a major chunk in the total machinery imports. The country imported $286.374 million worth of power machinery in July, depicting a 59.85 percent rise in its import bill as compared to the same month a year ago. Power generation machinery import swelled 39.95 percent in July from $204.619 million in June 2017.