Textile exports from Pakistan surged by 17.9 percent to $2.33 billion in September 2023. The export increases compared to $1.98 billion in the same month last year, according to the Pakistan Bureau of Statistics (PBS). This is the highest monthly textile export figure since February 2023.
In a significant boost for Pakistan’s economy, the country’s textile exports soared by 17.9% in September 2024, reaching $1.605 billion compared to $1.36 billion in the same period last year. This impressive growth reflects the resilience of Pakistan’s textile sector despite global economic challenges. The textile industry is one of the most important sectors of the Pakistani economy, accounting for about 11 percent of GDP and employing millions of people.
One of the key drivers of this surge is the shift towards exporting finished goods, with a noticeable drop in the export of raw materials. Finished products like ready-made garments saw substantial growth, with exports increasing by 35%. This shift indicates that Pakistan is focusing more on value-added products, which can fetch higher returns in international markets.
According to the Pakistan Bureau of Statistics (PBS), other sub-sectors within the textile industry also performed well. Knitwear exports jumped by 29.57%, while cotton cloth exports grew by 15.33%. Bedwear and towel exports also saw significant growth, rising by 24.8% and 7.35%, respectively.
However, the export of unfinished goods, such as cotton yarn, fell sharply by 54.22%, signaling a move away from raw material exports. Interestingly, raw cotton exports dropped to zero in September 2024, further emphasizing this trend.
Other Fiscal Improvements
For the fiscal year 2023-24 (July to June), Pakistan’s total textile exports stood at $16.65 billion. It marks a modest 0.9% increase compared to the previous fiscal year. This steady growth is a positive sign for the industry, which remains one of the country’s largest sources of foreign exchange.
In addition to textiles, Pakistan’s food exports also performed well in September, rising by 6.36% to $604.75 million. Rice exports were the standout performer, growing by 49%, driven by a 72% surge in non-basmati rice exports.
While certain sectors like fish, fruits, and sports goods saw declines. However, other areas, such as pharmaceutical products, showed remarkable growth, with exports increasing by 61.6%.
Overall, the rise in textile and food exports is a welcome development for Pakistan, helping to strengthen the country’s economic position in international trade.
