Pakistan's Textile Exports Surge in 2023-24

In the financial year 2023-24, Pakistan's textile exports witnessed a positive trend, with an overall growth of 1.41 percent compared to the previous year. According to the Pakistan Bureau of Statistics (PBS), the total value of textile products exported from July to May 2023-24 amounted to US $15,241,477 million, reflecting an increase from US $15,029,794 million in the same period of 2022-23.

Various textile commodities contributed to this growth, with significant increases seen in raw cotton exports (317.77 percent), cotton yarn exports (23.47 percent), bed wear exports (4.77 percent), towel exports (6.09 percent), and ready-made garments exports (2.09 percent). Made-up articles exports also rose by 3.19 percent, while all other textile materials exports increased by 0.26 percent.

On the other hand, some textile products experienced a decline in exports, including cotton cloth (6.91 percent), cotton carded or combed (15.93 percent), yarn other than cotton yarn (24.08 percent), knitwear (1.60 percent), tents, canvas, and tarpaulin (14.59 percent), and art, silk, and synthetic textiles (11.43 percent).

Year-on-year comparisons revealed an 18 percent increase in textile exports, reaching $1,558.230 million in May 2024 from $1,320.548 million in May 2023. Moreover, on a month-on-month basis, textile exports surged by 25.94 percent in May 2024 compared to April 2024, totaling $1,237.313 million.

The positive growth in Pakistan's textile exports during the financial year 2023-24 signifies a promising trend for the country's textile industry. With notable increases in various textile commodities, the sector shows resilience and potential for further expansion in the global market. This growth not only boosts the economy but also highlights the competitiveness of Pakistan's textile products on the international stage.