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Pakistan: Textile exports fal 1.65 per cent in the first half of this fiscal

Despite an improvement in export earnings from value-added sector, textile exports from Pakistan fell 1.65 per cent to $6.156 billion in the first half of the current fiscal year, an official data claims. The Pakistan Bureau of Statistics (PBS) data reveals textile exports amounted to $6.259 billion in the corresponding period of the last fiscal year.

The textile value-added sector, accounting for more than half of the industry’s foreign earnings, recorded a rise in exports during the July-December period of 2016-17. Knitwear exports inched up 0.17 per cent to $1.193 billion, bed wear fetched $1.043 billion in exports revenue up 4.66 per cent year-on-year and readymade garments rose 5.87 per cent to $1.101 billion.

In July-December 2016, cotton cloth exports fell 5.57 per cent to $1.048 billion, while exports of raw cotton and cotton yarn decreased more than 49 and seven per cent, respectively. Analysts say the recently-announced Rs 180 billion incentives package is likely to give a boost to flagging exports.

The government announced export incentives scheme for five export-oriented sectors including textiles. The stimulus includes a score of rebates given that the exporters are able to increase exports by 10 per cent in the second half of the current fiscal year. The PBS data showed textile exports amounted to $1.035 billion in December 2016, almost flat as compared to December 2015, but down 1.21 per cent over November 2016. Exports of knitwear increased 4.21 per cent year-on-year (YoY) and 1.54 per cent month-on-month (MoM) in December 2016. Bedwear exports rose 9.26 per cent YoY and 0.11 per cent MoM. Exports of readymade garments soared 9.23 per cent YoY and 11.88 per cent MoM in December 2016.