Pak textile exports drop 3.1pc in July 2024

ISLAMABAD: Pakistan’s textile exports in July 2024 recorded a decline of 3.1 percent, falling to $1.27 billion compared to $1.31 billion in the same month last year, according to the latest data from the Pakistan Bureau of Statistics (PBS). This marks the second consecutive monthly drop in the country’s textile exports.

Compared to the previous month’s exports of $1.41 billion, July’s exports dipped by 10.13 percent. In June 2024, textile exports had already decreased by 3.91 percent to $1.41 billion, down from $1.47 billion in June 2023.

For the fiscal year 2023-24 (July-June), total textile exports showed a modest year-on-year increase of 0.9 percent, reaching $16.65 billion. In July 2024, exports of all major textile components declined, with the exception of readymade garments. Cotton cloth exports decreased by 0.56 percent to $140.1 million, knitwear exports fell by 1.88 percent to $357.7 million, bedwear by 1.2 percent to $214.3 million, and towels by 3.67 percent to $70.1 million. Cotton yarn exports experienced a significant drop of 42.5 percent, falling to $55.75 million. In contrast, readymade garments exports increased by 7.57 percent, reaching $295.5 million compared to July 2023.

While textile exports struggled, Pakistan’s food exports saw a significant increase in July 2024, rising by 44.77 percent to $475.7 million from $328.6 million in July 2023. Rice exports were a major contributor, totaling $205.7 million, a 75.7 percent increase from the previous year. Basmati rice exports surged by 135.2 percent to $92.5 million, and other rice exports rose by 45.6 percent to $113.2 million.

Among other food categories, fish and fish preparations exports decreased slightly by 0.5 percent to $18.93 million, while fruit exports increased by 13.1 percent to $40.35 million. Meat and meat preparations exports also rose by 5.7 percent to $36.8 million. Vegetable exports doubled to $28.9 million, and sugar exports saw a massive increase of 590 percent to $23.9 million.

Exports of sports goods increased by 12.5 percent to $29.36 million, with football exports rising by 14.2 percent to $17.8 million.

However, surgical goods exports fell by 8.6 percent to $31 million, and cement exports dropped by 10.24 percent to $14.5 million. Chemical and pharmaceutical exports, on the other hand, grew by 31 percent to $135 million in July 2024 compared to the same month last year.

Pakistan’s petroleum imports in July 2024 surged by 60 percent to $1.266 billion from $791 million in July 2023. Crude oil imports increased dramatically by 626 percent to $361 million, while petroleum products rose by 40 percent to $499 million. Liquefied petroleum gas (LPG) imports went up by 62.8 percent to $332 million, though liquefied natural gas (LNG) imports saw a slight decline of 2.2 percent to $332 million.

For the fiscal year 2023-24, petroleum imports showed a slight decrease of 0.61 percent, totaling $16.9 billion compared to $17.1 billion in the previous fiscal year.

Machinery imports in July 2024 rose by 37.4 percent year-on-year to $677 million, up from $492.7 million in July 2023. Textile machinery imports increased by 36.5 percent to $18.7 million, power generation machinery by 10.9 percent to $31.3 million, and agriculture machinery by 56 percent to $6.46 million. However, construction and mining machinery imports declined by 109.8 percent to $8.91 million. Imports of electrical machinery and apparatus saw a significant increase of 98.4 percent to $344 million.

Telecom machinery imports also grew by 13.2 percent to $102.6 million, though mobile phone imports declined by 5.3 percent to $64.5 million.

The transport sector’s total imports in July 2024 fell by 18.1 percent to $114.6 million, down from $140 million in July 2023. Spending on road motor vehicles (built units, CKD/SKD) stood at $111 million, 10.4 percent less than the previous year.

Imports of completely built units (CBU) for buses, trucks, and other heavy vehicles increased by 85.17 percent to $26 million, while motor car imports rose by 112 percent to $23.3 million. In contrast, CKD/SKD imports for buses, trucks, and other heavy vehicles decreased by 37.6 percent to $56.3 million, and motor car imports fell by 51.4 percent to $34.3 million. Motorcycle imports stood at $2.8 million, and parts and accessories imports at $26.4 million.