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ISLAMABAD: Textile and clothing exports experienced a significant rebound with double-digit growth in May after a slower growth in the previous two months.
According to data compiled by the Pakistan Bureau of Statistics (PBS), exports increased 18 per cent to $1.55 billion in May, compared to $1.32 billion in the same month last year. On a month-on-month basis, exports surged 25.94pc.
However, textile and clothing exports posted a paltry growth of 1.41pc to $15.24bn in 11MFY24 from $15.02bn last year.
The increase in growth was attributed to the release of the stuck orders from previous months. The government has introduced various measures, including increasing the tax rate on exporters’ personal income in 2024-25. The impact of these measures will be visible in the coming months.
The PBS data showed exports of readymade garments rose 30pc by value in May and 42.70pc by quantity, while knitwear grew 24.26pc by value and 36.70pc by quantity. Bedwear posted a growth of 37.67pc in value and a growth of 45.67pc in quantity.
Towel exports rose 18.18pc in value and 29.50pc in quantity, whereas cotton cloth went down by 1pc in value but rose 23.75pc in quantity, respectively.
Yarn exports fell by over 35.96pc in May over the same month last year. The exports of made-up articles, excluding towels, increased by 32.54pc, and tents, canvas and tarpaulin went up by 10.85pc in May.
The import of textile machinery declined by 6.04pc in May, indicating that expansion or modernisation projects were not a priority.
The import of synthetic fibre declined by 5.98pc, and that of synthetic and artificial silk yarn by 2.41pc. However, other textile items increased by 60.59pc during the month. The import of raw cotton declined by 46.95pc. However, the import of second-hand clothes posted a growth of 11.07pc.
In the first 11 months of FY24, total exports increased by 1084pc to $28.12bn this year against $25.26bn over the same period last year.
Oil imports
PBS data showed that oil imports dipped by 0.24pc during the first 11 months of FY24 to $15.34bn from $15.38bn a year ago.
During July-May, the import of petroleum products fell by 11.69pc in value and 4.98pc in quantity. Crude oil imports increased by 17.84pc in quantity while the value increased by 12.06pc.
Mobile phones
Mobile phone imports surged by 213.97pc to $1.62bn in 11MFY24 from $516.48m over the same period last year, representing the largest share of overall machinery import value in the first 11 months of FY24. Other mobile apparatus grew 23.97pc to $426.19m in 11MFY24 from $343.79m last year.