Pakistan's textile & apparel exports edge up to $16.6 bn in FY24

The textile sector had earlier faced economic challenges but showed improvement in the later months. The sector contributed 54.29 per cent to Pakistan's overall exports of $30.676 billion from July 2023 to June 2024. However, the share of the textile sector declined from its 59.52 per cent share in the same period of the 2022-23 fiscal.

In terms of categories, knitwear exports decreased by 0.66 per cent year-on-year to $4,407.57 million, while non-knit readymade garments increased by 2.05 per cent to $3,563.65 million. Cotton yarn exports grew by 13.17 per cent to $955.51 million, whereas cotton fabric exports fell by 7.72 per cent to $1,865.96 million. Bedwear exports rose by 4.12 per cent to $2,802.67 million.

As for imports, synthetic fibre imports increased by 1.89 per cent year-on-year to $493.67 million. Imports of synthetic and artificial silk yarn rose by 3.82 per cent to $605.31 million. However, imports of textile machinery by Pakistan from July to June 2024 dropped significantly, by 54.52 per cent year-on-year to $149.36 million, indicating a reduction in new investments in the sector.

For fiscal 2022-23, which ended on June 30, textile and garment exports from Pakistan decreased by 14.63 per cent to $16.501 billion, compared to $19.329 billion in fiscal 2021-22. This decline followed a 25.53 per cent rise in exports in fiscal 2020-21. In fiscal 2019-20, exports totalled $12.526 billion.

Fibre2Fashion News Desk (KUL)