ISLAMABAD            -          Pakistan’s textile exports have recorded over seven percent growth in last month (October) that helped in increasing the overall exports of the country. The country’s textile exports were continuously showing no growth from last few months. However, the textile exports have recorded growth of 7.44 percent and surged to $1.214 billion during October 2019 as compared to $1.13 billion in the same period of last year.

The latest data of Pakistan Bureau of Statistics (PBS) showed that the country’s textile exports had increased by 4.1 percent to $4.59 billion in four months (July to October) of the current fiscal year from $4.41 billion in the same period of last year. In textile sector, according to PBS, exports of knitwear had enhanced by 9.49 percent. Similarly, exports of bed-wear had also recorded an increase of 5.72 percent and exports of raw cotton had gone up by 0.78 percent.

Meanwhile, exports of yarn had also surged by 21.24 percent. The PBS data showed that exports of cotton cloth had recorded a decline of 4.83 percent. Similarly, exports of cotton yarn had tumbled by 2.14 percent. Exports of tents, canvas and tarpaulin witnessed decrease of 1.58 percent. Meanwhile, exports of made-up articles (excluding towels and bed wear had declined by 5.33 percent. Meanwhile, the exports of food commodities had recorded an increase of 16.21 percent during first four months of the current fiscal year. In food commodities, exports of rice recorded growth of 43.76 percent, fruits exports increased by 3.72 percent and oil seeds, nuts and kernels exports had gone down by 30.3 percent.

The data showed that Pakistan’s exports grew by 3.81 percent to $7.54 billion in July-October, against $7.27 billion during the same period last year. On the other hand, the imports in the first four months of current fiscal year clocked in at $15.32 billion, down 19.21 percent from $18.96 billion over the corresponding period last year.  The data showed trade deficit in the first four months dipped to $7.77 billion from $11.69 billion over the corresponding period last year, reflecting a decline of $4.19 billion or 33.52 percent.

Pakistan’s oil imports have reduced by over 19.5 percent in July to October of the current fiscal year. The country’s had spent $4.17 billion on importing oil in four months of the year 2019-2020 as compared to $5.18 billion in the corresponding period of the previous year.