ISLAMABAD - Textile exports went down by one billion dollars during last financial year due to massive decline in cotton crop production and slowdown in the economy of China.

Pakistan exported textile goods worth $12.45 billion during the fiscal year 2015-16 as against $13.45 billion of the preceding year, showing a decline of 7.4 percent, according to the latest figures of the Pakistan Bureau of Statistics. Similarly, textile exports tumbled by 8.3 percent to $987 million in June as compared to the same month of the previous year.

The government could not achieve the exports target during the last fiscal year due to the decline in textile exports , which were supposed to enhance after GSP Plus status granted by European Union. Pakistan exported goods worth $20.8 billion during last fiscal year as against the target of $25.5 billion.

Export of cotton yarn declined to $1.26 billion from $1.84 billion, showing decrease of 31.77 percent. Similarly, cotton cloth export declined to $2.21 billion from $2.45 billion, denoting a 9.71 percent fall. Cotton carded or combed export reduced by 97.49 percent, yarn other than cotton yarn export dwindled by 23.48 percent to $32.77 million during 2015-16 from $42.83 million of the previous year. Knitwear export during the period under review decreased to $2.37 billion from $2.41 billion and bedwear’s export reduced to $2.02 billion from $2.1 billion. Similarly, exports of canvas & tarpaulin, art, silk & synthetic textile and made-up articles (excluding towels bed-wear) also showed decline of 0.41 percent.

According to the PBS figures, exports of food items had reduced by 12.56 percent to $3.99 billion during 2015-16. The break-up of food group showed that following food commodities have recorded negative growth: rice 8.6 percent, fruits 2.57pc, wheat 88.32 pc, oil seeds, nuts and kernels 55.91pc, sugar 58.93pc, and all other food commodities 18.58 percent during the period under review. However, spices recoded growth of 15.02 percent and meat and meat production 10.54 percent.

Meanwhile, exports of petroleum and coal products decreased by 72.56 percent, manufacturing products by 25.92 percent and leather manufacturing by 26.13 percent during the last financial year.