Pakistan Bureau of Statistics reported on Tuesday that exports of textiles and clothing increased three percent on year-on-year basis from $979.414 million in July last year to $1.006 billion in the same month.
According to an official, this improvement is due to the release of pending refunds and uninterrupted supply of electricity and gas to this sector. The cash subsidy under Prime Minister’s package also contributed in the promotion of textile exports.
The exports of ready-made garments went up to 20.47pc whereas exports of knitwear dropped by 5.8pc last month.
Exports of ready-made garments grew on an average rate last year regardless of fall in proceeds from all other products. Bed-wear exports went up to 0.57pc and those of towels dropped to 13pc.
Moreover, the exports of cotton yarn experienced an year-on-year increase of 6.3pc while those of cotton cloth and yarn fell 8pc and 34pc respectively.
The exports of made-up articles other than towels edged up to 4pc and those of tents, canvas and tarpaulin increased up to 26pc. Exports from art, silk and synthetic textile exports edged 340pc, while exports of raw cotton also recorded year-on-year decline of 70pc. The decline in Pakistan’s textile exports is mainly due to the fact that preferential access to the European Union under GSP+ agenda hasn’t yet enhanced proceeds because of the slump in demand.
The overall increase in exports is recorded to be 10.58pc which is $1.631bn in July as compared to $1.47bn last year.
Food and Machinery Exports
The import bill of machinery, oil and eatables rose 33pc to $2.49bn in July from $1.872bn in the corresponding month last year.
The import bill of food products increased 43pc to $534.693m from $373.512m, mainly because of imports of tea, spices, sugar, soybean oil and pulses. The imports of machinery went up by 41pc to $1.01bn in July 2017 as opposed to $721.460 over the corresponding month of last year.
Moreover, the imports of textile and office machinery observed a negative growth during the month.