Pakistan’s textile group exports saw a drop of 13.21 percent on a month-on-month (MoM) basis and slumped to an 11-month low of $1.481 billion in July 2022 compared to $1.706 billion in June 2022, says Pakistan Bureau of Statistics (PBS).
On a year-on-year (YoY) basis, the textile group exports decreased by 0.67 percent when compared to $1.471 billion in July 2021.
According to Topline Securities, the massive decline was due to the Eid holidays during the first half of July, lack of energy supplies, and global economic slowdown.
It is pertinent to mention here that the government closed down the gas supplies to both export and non-export industry in Punjab till July 9. The decision was made to divert more LNG to the power sector for more electricity generation to mitigate power outages.
Raw cotton exports registered 100 percent growth in July 2022 on a MoM as well as on a YoY basis. Cotton yarn exports registered 24.18 percent negative growth in July on a MoM basis and remained at $71 million compared to $94 million in June 2022 while on a YoY basis they registered 20.59 percent negative growth when compared to $89.87 million in July 2021.
The country’s total exports in July 2022 were $2.254 billion (provisional) as compared to $2.918 billion in June 2022 showing a decrease of 22.74 percent and by 3.65 percent as compared to $2.340 billion in July 2021.
Main commodities of exports during July 2022 were Knitwear (Rs. 95,439 million), Readymade garments (Rs. 66,835 million), Bed wear (Rs. 55,735 million), Cotton Cloth (Rs. 39,934 million), Rice Others (Rs. 20,414 million), Towels (Rs. 16,450 million), Cotton Yarn (Rs. 15,660 million), Madeup Articles (Excl. towels & Bedwear) (Rs. 12,008 million), Rice Basmati (Rs. 9,996 million) and Vegetables (Rs. 9,661 million).
