The textile exports of Pakistan were registered at $1.6 billion on October 21, according to the Pakistan Bureau of Statistics (PBS), the highest since June 2021. Compared to the last year, textile exports have increased by 24%, moving from $1.28 billion in October 2020 to $1.60 billion in October 2021.
As for a month-on-month (MoM) basis, the exports have registered an increase of 8% with October 2021 witnessing exports worth $1.60 billion as compared to exports of $1.48 billion in September 2021.
This is the highest since June 2021 when the textile exports were recorded at $1.70 billion. This is also the second-highest in the past 12 months.
On October 21, as per the PBS data, the exports of value-added textiles increased by 10% compared to the previous month due to an increase in exports in knitwear and ready-made products.
Moreover, textile exports have increased by 25% yearly due to the increase in exports of knitwear, ready-made textile items, and bedwear. Knitwear grew by 42% YoY; ready-made grew by 21% YoY; and, bedwear increased by 16% YoY.
During the first four months of FY 22, textile exports recorded the highest-ever number of $6 billion which was driven by a rise in exports of value-added textiles that grew by 26% YoY and basic textiles that grew by 34% YoY.
The textile sector has benefitted from diversions of orders from countries where the COVID-19 lockdown period has been longer than that in Pakistan.
Source: Pro Pakistani