ISLAMABAD

Pakistan’s textile exports declined by over 9 percent during first seven months (July-January) of the ongoing financial year due to the external as well internal issues.

Pakistan has exported textile made commodities worth of $7.34 billion during July-January of 2015-2016 as against $8.09 billion of the corresponding period of the previous year, showed the latest data of Pakistan Bureau of Statistics (PBS) on Monday. Meanwhile, the textile’s exports have down by 6.38 percent to $1.08 billion in January 2016 from $1.2 billion of the same month of 2015.

According to the PBS figures, export of readymade garments registered a growth of 3.77 percent during July-January 2015-2016 over a year ago. Similarly, exports of towels recorded growth of 1.45 per cent. Meanwhile, exports of all other textile goods had registered negative growth including raw cotton 44.42 pc, cotton yarn 32.02 pc, cotton cloth 9.56pc, cotton carded or combed 98.5pc, yarn 23.3pc, knitwear 2.96pc, bed wear 7.15pc, tents, canvas & tarpaulin 38.19pc, art and silk & synthetic textile 20.15pc, during July-January 2015-2016 as compare to the same period last year.

Analysts believed that textile exports are continuously declining due to the external as well internal issues including high power tariff, electricity and gas shortage and tax refunds of the exporters. Similarly, they said exports are also reducing due to slowdown in the economy of China and other markets.

Due to the massive decline in textile exports, the country’s overall exports had come down to $12.1 billion during July-January of FY2016 from $14.1 billion of the corresponding period of last year showing massive decline of 14.37 percent in one year period

Similarly, exports of food items reduced by 12.43 percent, as country spent $2.23 billion on exporting food commodities during the months of July-January 2015-16. The break-up of food group showed that following food commodities have recorded negative growth: rice 13.07 percent, fruits 6.79 percent, tobacco 30.18 percent, wheat 16.18 percent, oil seeds, nuts and kernels 64.29 percent, sugar 82.34 percent and all other food commodities 8.34 percent during the period under review. However, spices recoded growth of 14.12 per cent vegetables 17.07 percent, meat and meat production 17.36 percent.

Meanwhile, exports of petroleum and coal products decreased by 74.92 percent, manufacturing products by 19.1 percent and leather manufacturing by 13.36 percent during July-January of the ongoing financial year.

According to the PBS data, the country’s imports had reduced by 5.38 percent mainly due to huge decline in oil and food prices in international market. Pakistan has imported commodities worth of $25.7 billion during first seven months of the ongoing financial year as against $27.2 billion of previous year.

Pakistan’s oil import bill has reduced by $2.9 billion during July-January of the ongoing financial year. The country has imported petroleum products worth of $4.66 billion during July-January of FY2016 as against $7.51 billion of the corresponding period of the previous year showing a decline of around 38%.