During the past fiscal year, Pakistani textiles and apparel exports faced numerous difficulties. Global economic downturn has negatively affected the textile exports of major suppliers, including Pakistan. In addition, the political turmoil in Pakistan has affected economic activity.
The Pakistani Ministry of Commerce reported that textile and clothing exports dropped 14.63 percent in 2022/23 to $16.501billion, from $20.328billion in 2020/21.
Sectors have been adversely affected by both the slowdown in global economy and domestic political instability.
Exports of knitwear and non-knitted garments as well as cotton saw significant drops.
The exports of textiles contributed 59.50 per cent in Pakistan’s total goods exports of $27.734 billion during the last fiscal. This share was equal to 60.89% of total exports worth $26.246billion during the fiscal year 2021-22.
Knitwear exports fell 21.10 percent year on year to $4.436.78 during the time period reviewed, while readymade non-knit garment exports decreased 10.57 percent to $3.491.95 millions.
Exports of cotton fabrics fell by 17.06 percent to $2,022.00 millions in July-June 2020. Data showed that exports of bedwear fell 18.26 percent to $2.691.65 during this time period.
Imports of synthetic fibres fell by 34.77 percent year-on-year, to $484.53 millions, and imports for synthetic and artificial silk threads dropped by 33.65 percent to $583.07 during this period.
The value of Pakistan’s textile machinery imports in the period July to June 2023 dropped by more than 57.03 percent year on year, reaching $328.62 millions, indicating a decrease in new investment.
Exports of textiles and clothing from Pakistan in fiscal 2021-22, which ended on June 30th, increased 25.53 percent to $19.329 Billion over the $15.399 Billion exports during fiscal previous. Exports in fiscal 2019-20 were $12.526 Billion.
Fibre2Fashion News Desk (KUL)