Textile exports of Pakistan have reached a historic high as the exports during December 2020 has increased by 22.72 percent. Moreover, textile exports increased by 7.79 percent from July to December to $7.442 billion, up from $6.94 billion in the same period last year.
The latest data released by the Pakistan Bureau of Statistics on Friday showed that textile exports increased 22.72% in December 2020, a record of $1.41 billion, as compared to the corresponding month’s $1.14 billion of last year. On a monthly basis, domestic exports for the month increased by 9.20 percent.
Textile products that contributed to the positive growth of trade included knitwear, of which exports increased from $1,586 million last year to $1,849 million during H1FY21. Similarly, bedwear exports increased 16.38 percent to $ 1.394 billion. Towel exports increased 17.47 percent to $445.7 million. Exports of tents, canvas, and tarpaulins increased 57.77 percent to $62.477 million.
Readymade garments by 5.54 percent to $1.490 billion, art, silk, and synthetic textile increased by 0.17 percent to $167.502 million and made-up articles by 17.46 percent to $379.229 million.
On the other hand, exports of commodities that showed negative growth included raw cotton, a decrease of 96.14pc to $50.92 million, and exports of cotton yarn decreased by 26.36pc to $400.730 million. In addition, cotton cloth exports fell 7.73 pc to $935.009 million, and yarn (excluding cotton yarn) fell 7.28 pc to $13.464 million.
It would not be out of place to mention here that the country’s commodity exports increased by 4.98% in the first half of this year as compared to the corresponding period last year. According to the latest PBS data, total exports from the country both textile and non-textile from July to December were $12.11 billion, compared with $11.524 billion during the same period last year.
The imports into the country also increased by 5.72 percent from $23,195 million to $24,521 million in the first half of this year.
Based on the figures, the country’s trade deficit increased by 6.44 percent in the first half as compared to the corresponding period last year. The trade deficit in the first half of the current fiscal year was recorded at $12.423 billion, against the deficit of $11.671 billion.