Exports of textiles, clothing shrink 11pc in July

Textile and clothing exports shrank 11.44 per cent during the first month of the current fiscal year due to higher production costs, liquidity constraints and lower global demand. In absolute terms, the value of textile and clothing exports fell to $1.31 billion in July from $1.48bn in the corresponding month last year, data released by the Pakistan Bureau of Statistics showed on Monday. The exports of textile and clothing contracted by 14.63pc year-on-year to $16.50bn in FY23. Pakistan’s total merchandise exports dipped by 12.71pc year-on-year to $27.54bn in FY23 from $31.78bn in the preceding fiscal year. The textile export sector experienced a troubling trend of negative growth right from the beginning of the current fiscal year. The PBS data showed the exports of readymade garments shrank 9.80pc in value in July but grew by 101.94pc in quantity, while knitwear dipped 16.13pc in value but grew 26.01pc in quantity, bedwear posted a negative growth of 14.60pc in value and 9.93pc in quantity. However, towel exports slightly decreased by 2.93pc in value and 0.31pc in quantity, whereas those of cotton cloth dipped by 22.56pc in value and 16.32pc in quantity.