Pakistan’s Textile Exports Slump to Lowest Since May 2021

Pakistan’s textile exports slumped for the fifth consecutive month on a yearly basis and stood at just $1.2 billion in February 2023, the lowest since May 2021.

The exports in February 2023 were down a whopping 28 percent compared to exports of $1.67 billion registered in the same month of the previous fiscal year.

Textile exports decreased by 28% YoY to USD 1.20bn during Feb’23, lowest since May’21 and 5th consecutive YoY decline.

Feb’23: $ 1.20bn, -28.1% YoY, -9.1% MoM
8MFY23: $ 11.24bn, -10.8% YoY@PBSofficialpak @APTMAofficial @StateBank_Pak#PBS #Exports #Trade #Economy pic.twitter.com/pibO8QpTHL

— Arif Habib Limited (@ArifHabibLtd) March 6, 2023

The exports also dipped by over 9 percent on a month-on-month basis compared to exports of $1.32 billion registered in January 2023.

This took the exports for the first eight months of the current fiscal year (8MFY23) to $11.24 billion compared to exports of $12.60 billion registered in the same period of the previous fiscal year (8MFY22), registering a decline of almost 11 percent.

It is pertinent to mention here that the country’s overall exports also continued their downward trend for the sixth consecutive month in February 2023, the exports during the month declined by 18.67 percent to $2.31 billion compared to the exports of $2.83 billion in February 2022, according to data issued by the Pakistan Bureau of Statistics (PBS).