Textile Industry of Pakistan Observed a Decline of 10.6%

Textile Industry of Pakistan Observed a Decline of 10.6% – exports fell from USD 8.17B (2019) to USD 7.3B (2020) during July-Oct.

textile industry of Pakistan

The textile industry of Pakistan recorded a low demand from foreign businesses where the export fell from USD 8.17 billion (2019) to USD 7.3 billion (2020) during July-Oct. This is a decline of almost 10.6%

However, besides this decline, the textile industry still remains the top contributor in overall exports of the country. According to the data from SBO, textile contributed almost 58% during the first four months of FY21.

It is also stated that the major items of the same niche included; knitwear, ready-made garments, bed-wears, and cotton cloth.

The fall in textile export resulted from the decline of several products. The details included; knitwear declined by 2% YoY, ready-made garments by 13% YoY, and bed-wears and the cotton cloth fell by 2% and 18% YoY respectively.

The data further shared some stats about other industries as well. The export value of the manufactured goods 16% during the period. While exports of food products were recorded somewhere near 16%.

The overall dip in the export of Pakistan during October 2020 observed some downward trend. The exports of textile, food, manufactured products, and petroleum group recorded a dip of 4%, 18%, 3%, and 67% YoY.

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