ISLAMABAD - Pakistan’s textile exports have surged by over 10 per cent in July 2013 mainly due to sharp increase in dollar value against the Pakistani rupee, which is under severe pressure these days.
According to the figures of Pakistan Bureau of Statistics (PBS) released on Wednesday, the country exported textile related goods worth of $1.21 billion during the month of July 2013, which were $1.09 billion in same month of preceding year 2012, showing an increase of 10.96 per cent in one year. The trade analysts said that country’s exports are increasing due to continues increase in dollar value against the Pakistani rupee, which also enhanced the country’s imports, resulting in higher trade deficit. The local currency hit a record-low level of over Rs 103 in open market that was around Rs 100 a few weeks back.
“Country’s exports and imports always increase whenever there is increase in US dollar value against Pakistani rupee and same is happening these days”, said a trade analyst. He believed that government should provide uninterrupted power supply to the industries that could further increase the country’s exports, which could help in reduce the trade imbalance.
According to the PBS data, the country’s exports were recorded at $2.095 billion against imports of $3.814 billion in July 2013. Therefore, the country’s trade deficit was recorded at $1.719 billon in July 2013.
The break-up of $1.21 billion textile exports in July 2013 revealed that raw cotton exports have increased by 476 percent, cotton yarn exports increased by 15.55 percent, cotton cloth exports went up by 16.18 percent, cotton carded exports declined by 65.96 percent, yarn exports went down by 2.9 percent, knitwear export surged by 0.99 percent, bed wear 9.6 percent, towels 7.1 percent, tents export enhanced by 15.45 percent, readymade garments’ up by 16.28 percent, art silk and synthetic textile exports increased by 3.86 percent, made up articles export surged by 5.81 percent and other textile materials exports increased by 1.64 percent in July 2013 against the July 2012 period, said the PBS data.
The figures revealed that the country’s food exports also registered an increase of 22.43 percent during July 2013. The country exported foodstuff worth of $389 million in last month as against $318 million of the same month of preceding year 2012. Meanwhile, other manufactures group decreased by 20 percent, decreasing to $405 million in July 2013 from $504 million during the same month of previous year. Similarly, the engineering goods exports enhanced by over 25.66 percent in July 2013 against same month of last year.
In oil import bill, the country spent $817.57 million on petroleum products and $470.38 million on import of petroleum crude during previous month (July). The PBS figures revealed that country imported foodstuff worth of $329 million during July 2013. The country spent $456 million on machinery import, $ 81.59 million on transport group import, textile stuff worth of $ 178.9 million, agricultural and other chemical commodities import worth of $516 million, metal import cost $ 331 million and miscellaneous group import cost $68 million in July 2013.