Pakistan’s textile exports surged by 5.1 percent on a year-on-year (YoY) basis in October 2023, as per data by the All Pakistan Textile Mills Association (APTMA).
Month-on-month exports increased by 5.9 percent to $1.35 billion compared to exports of $1.36 billion registered in September 2023.
Textile exports increased by 5.1% YoY during Oct'23
Following a continuous YoY decline for 12 consecutive months, textile exports have now shown signs of recovery, with a 5% YoY increase, reaching USD 1.43bn in Oct’23.
However, during the 4MFY24, textile exports experienced a… pic.twitter.com/9Cq31Wm5oW
— Arif Habib Limited (@ArifHabibLtd) November 2, 2023
Pakistan’s textile exports slumped by 16 percent YoY in the first 10 months of 2023 and stood at $13.34 billion compared to $15.88 billion reported in the same period last year.
Textile exports during the first four months of the current fiscal year (4MFY24) went down by 7 percent to $5.55 billion compared to exports of $5.95 billion registered in 4MFY23.
According to data issued by the Pakistan Board of Statistics (PBS), the country’s overall exports during October 2023 rose both on a MoM and YoY basis.
The exports during October 2023 came in at $2.7 billion, up 9 percent on a MoM basis and 14 percent on a YoY basis.
Overall, the trade deficit widened by 38.27 percent on a month-on-month basis to $2.099 billion in October 2023 when compared to $1.518 billion in September 2023. The trade deficit narrowed down by 34.70 percent in the first four months (July-October) of the current fiscal year 2023-24 as it stood at $7.416 billion compared to $11.356 billion during the same period of last fiscal year
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