Business

Export of textiles soars to $15.4 billion in FY21

export of textiles

The export of textiles greatly increase during the fiscal year 2020-21 to the extent of 22.94%, revealed by the Pakistan Bureau of Statistics. 

According to the report, released by the Pakistan Bureau of Statistics on Monday, Pakistan exported textile and clothing worth $15.4 billion during the outgoing fiscal year. The export of textile and clothing was worth $12.52 billion during the fiscal year 2019-20. The big share in the export of textile and clothing was of value-added sectors.

The important reason for this growth was being low-base of last year when economic activities and as such exports were extremely slow due to the Covid-19. The exports of readymade garments increased by 18.8% to $3.03 billion this year as compared to $2.552 billion during the year 2019-20. The exports of knitwear grew by 36.57% to $3.816 billion as compared to $2.794 billion in the previous year.  

Meanwhile, the exports of bed wear increased by 28.87 % to $2.77 billion during the outgoing fiscal year as compared to $2.150 billion during the fiscal year 2019-20. The growth of towels increased by 31.81 % during the fiscal year4 2020-21 to $937.536 million as compared to $$711.26 million during the previous fiscal year. The export of leather garments grew by 14.02% and the exports of leather gloves increased by 22.26%.  

Read more: Export of textiles jump to $13.7 billion in eleven months

However, the exports of raw leather came down by 12.04%. The cotton cloth increased by 4.98% in the year, under consideration to $1.921 billion. The export of cotton yarn increased by 3.26% to $1.016 billion. The exports of raw cotton badly decreased by 95.27% as compared to the exports of the same in the fiscal year 2019-20. The decrease in the exports of raw material shows that it was utilized by the local industries.  

Moreover, the government had also allowed the duty-free import of the same. In the outgoing fiscal year, the government had decreased the duty on the import of raw material to promote the products like pharmaceutical, plastic, chemicals, engineering, and value-added textile products. 

The exports of the country during the outgoing fiscal year were worth $25.30 billion as compared to $21.393 billion during the fiscal year 2019-20, showing an increase of 18.28%.

To Top