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PAKISTAN COTTON REPORT
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| Pakistan cotton report |
Friday, September 16, 2022
Pakistan's textile exports rose to $1.6 billion on August 22, up 8% YoY and 6% MoM, according to the latest data released by the Pakistan Bureau of Statistics (PBS).
The increase in exports is attributed to a backlog of orders, recovery of energy supply, and a higher number of working days compared to July 2022.
During the month of July 2022, the government suspended gas supply to the exporting industry till 09 July 2022. In the month of August, these issues were resolved apart from more working days during the Eid holidays in July 2022, Topline Securities said. In a note
According to the data, under the value-added division, the ready-made segment was a major outperformer with a growth of 8% MoM and 16% YoY to $330mn. Knitwear and bedwear improved slightly by 3% and 2% MoM respectively while towels remained flat on an MoM basis.
Meanwhile, basic textiles also grew by 14% MoM to $293mn.
On a year-on-year basis, towels and bedwear recorded a decline of 9% YoY and 2% YoY, respectively, while knitwear grew by a massive 24% YoY leading to volume growth of 75% YoY. Exports of primary textiles remained largely flat on a year-on-year basis.
Overall, during 2MFY23, Pakistan recorded an all-time high textile export of $3.06bn, up 4% YoY.
According to the data, the country exported food grains worth $366.9 million during the month under review, up 13% YoY and 2.5% MoM.
In terms of commodities, rice, meat, fruits, and fish and fish preparations remained the main sources of foreign exchange earnings during the review period as their exports were valued at $143.7mn, $39.7mn, $28.9mn, and $19.4mn. August saw rice, meat, and fish exports grow by 2%, 56%, and 81% year-on-year respectively, while fruit exports fell by 25% year-on-year.
Similarly, exports of petroleum products increased 34-fold year-on-year to $55.63 million on August 22. This was mainly led by exports of petroleum crude, which rose by 100% year-on-year to $54.8 million, and petroleum products (after top crude) at $1.05 million, representing a 40% year-on-year decline. she does.
Going by the details available from PBS, the other manufacturer's group saw a 23% year-on-year increase in exports on August 22 to reach $3553.8 million. Under this group, the trade value of sporting goods stood at $34.5 million with an annual increase of 42.6 percent. The country earned $15.8 million from the export of leather products, a year-on-year increase of 25 percent.
Meanwhile, exports of chemical and pharmaceutical products increased by 27 percent year-on-year and 76 percent month-on-month on August 22 to reach $144.6 million. Exports under the Chemicals and Pharma group during the said period were mainly from other chemicals, pharma products, and plastic materials which stood at $85.5mn, $29.8mn, and $28.2mn. Exports of other chemicals and pharma products saw annual growth of 39% and 32% respectively, while exports of plastic materials declined by 2% annually.
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