In a positive development on economic front, textile exports record 4.10pc growth in four months of current fiscal year and crossed $4,586 billion mark
Textile group exports from the country during first four months (July-October) of current financial year increased by 4.10 per cent as compared the exports of the corresponding period of the previous year.
According the latest data of advance releases on foreign trade statistics, released by the Pakistan Bureau of Statistics, textile sector exports witnessed about 7.44 per cent growth in month of October against the exports of same month of the last year.
Textile products worth over US $4.586 billion were exported against the exports of US $4.406 billion of same period last year, showing an increase of 4.10 per cent, data says
On monthly basis, the textile products over US $1.214 billion were exported in month of October as compared to the exports of US $1.130 billion of same month last year.
Report further said that During the period under review, exports of ready made garments grew by 12 per cent, knitwear 9.49 per cent, bed wear 5.72 per cent, towels 0.80 per cent, art, silk and synthetic textile increased by 9.46 per cent, respectively.
The data also revealed that the exports of raw cotton from the country increased by 0.78 per cent, cotton carded or combed 100 per cent and yarn grew by 21.24 per cent, respectively.
On the other hand, the imports into the country witnessed decline of 19.21 per cent by falling from US $18.966 billion last year to $15.323 billion during the current fiscal year, the data revealed. On yearly basis, the exports from the country increased by 6.75 per cent by growing from US $1.896 billion during Oct. 2018 to US $2.024 billion in Oct. 2019.
On the other hand, the imports declined by 15.14 per cent from US $4.801 billion in Oct. 2018 to $4.074billion in Oct. 2019. On monthly basis, the exports from the country increased by 14.41 per cent in Oct. 2019 when compared to the imports of US $1.769 billion in Sept. 2019.