Textile exports down 4pc in July

Textile exports down 4pc in July

Textile exports down 4pc in July ISLAMABAD: Pakis­tan’s exports of textile and clothing fell nearly four per cent year-on-year to $982.6 million in July, the Pakistan Bureau of Statistics said on Monday.

The proceeds stood at $1.02 billion in the same month of the last year.

Exports of readymade garments dropped 0.03pc while exports of knitwear fell 5pc during the last month. Last year, exports of readymade garments witnessed a nominal gro­wth despite fall in proceeds from all other products.

The decline in exports came despite preferential access to European markets under Generalised Scheme of Preferences Plus (GSP+) scheme.

A five-year textile policy implemented by the government from July 1, 2015, which is laden with incentives for the value-added sector, has also failed to boost exports.

Oil imports fell nearly 2pc in the first month of 2016-17

The commerce ministry has already announced that the overall exports target of $35bn by 2018 was not achievable.

On the positive side, however, imports of textile machinery grew over 28pc year-on-year in July, which reflects industry’s interest in diversifying and improving the quality of products.

Exports of primary commodities like cotton yarn and cotton cloth plunged 42pc and 14pc, respectively, in July. Exports of bedwear rose 6pc, towel exports edged lower by 16pc and that of carded cotton dropped by 100pc.

Contrary to this, exports of tent and canvas rose 18pc, art and silk 4.7pc, made-up articles (excluding towels) 5.2pc and other textile materials by 5.9pc.

OIL AND EATABLES: Oil and eatables import bill increased 2.3pc to $1.13bn in July 2016 from $1.103bn a year earlier.

The import bill of food products rose 11.3pc to $373.5m from $335.3m, mainly driven by import of tea, spices, sugar, soybean oil and pulses.

Oil imports fell 1.7pc to $755m in July this year from $768m last year.

Source: http://www.dawn.com/news/1279291/textile-exports-down-4pc-in-july

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