Pakistan’s textile exports have shown handsome growth of almost 10 per cent during first quarter (July-September) of the current fiscal year (2013-2014) over the corresponding period of previous year mainly due to substantial increase in export of raw cotton and rupee deprecation against dollar.
Export of textile and clothing surged to $3.576 billion in July-September period from $3.251 billion during the corresponding month of last year, showing growth of 9.99 per cent in one year. Meanwhile, According to the figures of Pakistan Bureau of Statistics (PBS), textile exports have enhanced by 15.34 percent in September 2013, as country exported textile commodities worth of $1.27 billion in last month against $1.1 billion of the corresponding period of last year.
Trade analysts said exports witnessed a growth because of increase in export to the European market owing to preferential market access on selected products. The European Union’s preferential package on import of 75 items was in operation since December 2012. Meanwhile, depreciation of Pakistani currency is also one of the pushing factors in export proceeds during the first three months. Country’s exports/imports surged due to rupee deprecation.
Analysts believed that country’s exports might suffer in next two to three months owing to the expected gas loadshedding for industries, which would shutdown the industrial units of the country.
A sector-wise analysis showed that export of raw cotton enhanced by 164.24 per cent during first quarter of the ongoing financial year. Meanwhile, exports of low value-added products, such as cotton yarn, was up by 8.25 per cent, cotton cloth 4.01 per cent, made-up articles 9.95 percent, yarn other than cotton yarn exports down by 0.77 percent and other textile material 10.84 percent in first three months of the current fiscal year over same month last year.
Export of bed-wear increased by 25.81 percent, tents exports went down by 16.20 per cent and readymade garments 13.46 percent in July-September 2013 this year over the same period last year.
Industry sources said that consistent supply of gas during the period under review to textile sector produced the desired results. The growth in yarn and fabric exports was mainly because of improved energy supply.
According to the latest figures released by Pakistan Bureau of Statistics (PBS), the overall country’s exports grew 9.23 per cent in July to September period to $6.712 billion as against $6.145 billion of the goods exported in the corresponding three months of the last fiscal year. Imports grew three percentages point to $11.177 billion in first quarter of the present financial year as compared to $10.853 billion of the corresponding period of previous year. The country’s trade imbalance narrowed to $4.465 billion during first quarter (July to September) of the ongoing fiscal year 2013-14 against $4.708 billion of the corresponding period of previous year, showing a decline of 5.15 percent in one year.
The figures revealed that the country’s food exports also registered an increase of 10.84 percent during July-September 2013. The country exported foodstuff worth of $1.007 billion in first three months of the ongoing financial year as against $909.197 million of the same month of preceding year 2012.
Source:- nation.com.pk
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