Pakistan’s textile group witnessed its exports register low growth of 2.3 per cent in the first 2 months of the fiscal year 2019-20 as compared to the same period in the previous fiscal.
The low growth has been attributed to the slowing economy.
A report released by the Pakistan Bureau of Statistics (PBS) showed that different textile products worth US $ 2.21 billion were exported during July-August 2019-20, vis-à-vis US $ 2.30 billion exported during the same period of fiscal year 2018-19.
On a month-to-month basis, the exports of country’s textile slumped by 5.32 per cent to touch US $ 1.19 billion in August 2019.
During the same period, last year, the number was US $1.25 billion.
Notably, in July and August, the textile products that recorded positive growth in exports were raw cotton, up 152.33 per cent, cotton (carded or combed), up 100 per cent, and yarn other than cotton, up 44.96 per cent.
The knitwear exports, during these 2 months, were up by 12.84 per cent, bedwear increased by 1.22 per cent and ready-made garments went up by 7.47 per cent.
Textile products that saw a fall in exports were cotton yarn, down by 7.76 per cent, cotton cloth and towels down by 6.35 per cent and 0.20 per cent, respectively. Other textile materials witnessed a decline of 15.46 per cent.
In the period under review, Pakistan earned US $ 541.48 million by exporting around 20.73 million dozens of knitwear items, compared to US $ 479.87 million during the same period last year.