Pakistan textile exports dip by 4.46% amid Covid-19
Pakistanâ€™s textile exports had dipped by 4.46 percent in March amid global slowdown due to the coronavirus pandemic.
Pakistanâ€™s textile exports had dipped by 4.46 per cent in March amid global slowdown due to the coronavirus pandemic. The countryâ€™s textile exports stood at $1.039 billion in March 2020 as compared to $1.088 billion in same month of previous year, according to latest data of Pakistan Bureau of Statistics (PBS). Pakistanâ€™s textile and clothing exports had jumped nearly 17 per cent year-on-year in February. However, in March, the textile exports had declined by 4.46 per cent due to impact of coronavirus.
The reduction in textileâ€™s exports had also declined countryâ€™s overall exports during month of March. The countryâ€™s export of goods had declined by 8.46 percent year-on-year to $1.807 billion in March, from $1.974 billion amid closure of retail outlets in the wake of the coronavirus outbreak. The PBS data showed that countryâ€™s textile exports had enhanced by 4.24 per cent and recorded at $10.41 billion in nine months (July to March) of the current fiscal year.
Prime Ministerâ€™s Advisor on Commerce and Investment, Abdul Razak Dawood had recently projected that Pakistanâ€™s exports are expected to decline by $3 billion due to the coronavirus during ongoing fiscal year. He said that there are substantial difficulties in exports due to Covid-19. Pakistanâ€™s key exports are textile related. In textile sector, according to PBS, exports of knitwear had enhanced by 6.74 per cent during the nine months of the current fiscal year over a year ago. Similarly, exports of bed wear had also recorded an increase of 2.45 per cent. Meanwhile, exports of ready-made garments had also surged by 10.98 per cent last financial year.
The PBS data showed that exports of cotton cloth had recorded a decline of 2.99 per cent. Similarly, exports of raw cotton increased by 8.19 percent. Exports of cotton yarn witnessed decrease of 1.9 percent. Meanwhile, exports of towels had increased by 0.58 per cent. Meanwhile, the exports of food commodities had recorded increase of 1.43 percent during the nine months of the year 2019-20. In food commodities, exports of fruits recorded growth of 2.8 percent, vegetables exports increase by 53.66 percent.
The PBS data showed that the export proceeds edged up 2.23 per cent to $17.451 billion during the first nine months of 2019-20, as against $17.071 billion over the corresponding period last year. Imports clocked in at $34.814 billion during July to March period of the year 2019-20, down 14.42 per cent, from $40.679 billion in the same period last year. As a result, the trade deficit came down by 26.45 percent in the first nine months of 2019-20 mainly on the back of a double-digit fall in imports.