According to the information shared by Pakistan Bureau of Statistics (PBS) on Tuesday, textile exports experienced a surge of 9.71% to $1.05 billion in November year-on-year (YoY).
Pakistan textile exports to Europe recently surged since the country was permitted preferential access to 28 EU countries under the GSP-Plus scheme. The news indicates that domestic exporters are taking full advantage of opportunities presented to them by preferential access and are aiming for a bigger share in the EU textile import market.
The rise of exports is also evident in rupee terms, as PKR recently touched a 7 week high mainly because of better prices of products exported to other nations. Also, Apparel Forum Chairman, Jawed Bilwani, said in a statement exports increased despite the absence of support of regulatory bodies. “We are waiting for the textile package of Rs170bn.” He added that “cost of production has been increasing due to the hike in energy prices. Nevertheless, the liquidity issues of many exporters have been resolved because of the release of funds.”
Product-wise details indicate that exports of ready-made textile increased by 13.54%, while knitwear exports increased by 12.75% in November. In addition, during the timeframe under review bed-wear exports rose to 3.06% and towels exports increased by 1.67%. The exports of raw cotton also witnessed year-on-year increase of 141%.
Interestingly, despite the surge of 9.71% in textile exports during the current fiscal year, overall export proceeds during July-November plunged by 3.93% to $8.19 billion. During the July-November, textile and clothing exports dropped 1.9% to $5.122 billion year-on-year.