Textile exports during the month of July were recorded at $1.002 billion which fell by 0.49 percent year-on-year basis and fell by 16.09 percent Month-on-Month basis according to data revealed by National Bureau of Statistics (PBS).
The textile products in Pakistan are not generating enough exports as compared to previous periods, in July 2017 total textile exports fetched $1.006 billion and in June 2018 $1.194 billion both figures were higher than the current $1.002 billion this July 2018.
Pakistan exports to different countries on the globe fell as a whole most importantly due to rising costs of the business in Pakistan. An exporter explained the falling exports in textiles and said, Pakistan’s industry heavily rely on the imported raw material to produce final products, due to Rupee decline the cost of raw material was increased amid pushing the costs of textile products further leaving the products more expensive in the global market.
However, In July, cotton yarn exports increased 7.62 percent YoY basis, hitting $117.343 million. Knitwear exports were also increased by 7.78 percent reaching $208.88 million.
Bu, bedwear exports fell by 3.56 percent, recorded at $164.76 million, readymade garments plunged to $211.21 million recording 0.46 percent fall whereas cotton cloth exports were down by 9.4 percent YoY recording $144.6 million.
According to analysts rupee devaluation has contributed to falling textile exports, structural concerns can decrease potential gains. Pakistan could boost the textile exports again by stabilizing Rupee against the dollar.