ISLAMABAD - Pakistan's textile exports have shown 8.67 percent growth during last fiscal year mainly due to sharp rupee depreciation, improvement in energy supply, partially releasing of refunds and cash subsidies under the Prime Minister Export Package.
The country exported textile and clothing products worth $13.5 billion during the year 2017-18 as against $12.5 billion of the preceding year, according to the Pakistan Bureau of Statistics (PBS).
Textile exports have shown healthy growth due to the policies of previous government including depreciating rupee, providing power supply to industries, and given cash subsidies under the Prime Minister Export Package.
The positive trend in the international demand and exchange rate correction are also expected to help sustain this rising trend in the coming months.
A healthy growth in textile exports has increased the overall exports of the country. The country's exports have increased to $23.2 billion during FY2018 as against $20.4 billion of the corresponding period of the previous year showing growth of 13.74 percent.
According to the PBS, the main driver of growth was the value-added textile sector. Exports of ready-made garments went up by 11.22 percent in the last financial year. Similarly, exports of knitwear increased by 15.17 percent during the period under review. Exports of bedwear went up by 5.77 percent in value. Similarly, exports of made-up articles, excluding towels, increased by 7.04 percent. Art, silk and synthetic textile exports grew by 65.09 percent during the period under review. Exports of cotton yarn witnessed an increase of 10.3 percent and exports of cotton cloth recorded a growth of 3.17 percent.
However, exports of cotton carded tumbled by 97.87 percent. Exports of tents, canvas and tarpaulin have also declined by 26.39 percent.
Meanwhile, the exports of food commodities recorded massive increase of 29.28 percent during the last financial year. In food commodities, exports of rice recorded growth of 26.78 percent, fish 14.57 percent and vegetables exports went up by 30.56 percent.
Meanwhile, exports tobacco enhanced by 76.01 percent and wheat exports also recorded growth during the period under review.
On the other hand, Pakistan's imports have recorded at $60.9 billion during FY2018 as against $52.9 billion of the previous year showing an increase of 15.1 percent. The import bill has exceeded the revised annual estimates of $54.2 billion for the outgoing fiscal year.
Imports increased to beyond $60 billion for the first time in country's history. The import bill is rising due to an increase in the arrival of capital goods, petroleum products and food products.
The country spent $14.4 billion on the imports of petroleum group, 32.1 percent higher than a year ago. In the petroleum sector, the government imported petroleum products worth $7.5 billion and spent $4.2 billion on petroleum crude.
Similarly, the country imported liquefied natural gas (LNG) worth $2.5 billion and liquefied petroleum gas (LPG) worth $270 million. The PBS data showed that country had spent $11.6 billion on importing machinery during previous. The third biggest component was food commodities whose imports rose to $6.2 billion.