ISLAMABAD: Export of textile products increased significantly in January 2022 compared to the corresponding month of last fiscal year (2020-21), according to the Ministry of Commerce, according to WealthPK.
The export value of men’s garments recorded $423 million in January as against $357 million during the corresponding month of last year, registering an increase of 19%.
Export of home textiles rose to $393 million in January this year from $342 million in the same month of last year with an addition of 15%. With an increase of 43%, the export value of cotton fabrics remained $216 million in January 2022 compared to $151 million in January 2021, WealthPK reported.
Exports of women’s garments recorded $73 million during the month under review as against $59 million in the same month of last year, posting a growth of 23%.
The value of jerseys, pullovers and cardigans also rose to $66 million in January 2022 from $46 million in the same month of 2021 with an increase of 43%. Export of T-shirts also grew by 21% with the export value of $65 million last month compared to the corresponding period of last year when export value was recorded $53 million.
Apart from textile products, exports of rice and plastics also grew in January. Export value of rice registered $219 million last month as against $194 million during the same month of 2021, up 13%.
With an increase of 47%, export value of plastics rose to $36 million in January from $25 million in the corresponding period of last year.
In terms of quantity, exports of men’s garments, rice, cotton fabrics, jerseys pullover and cardigans, and T-shirts grew by 9%, 28%, 9%, 30% and 12% respectively last month as against the same month of 2021.
Export value of cotton yarn, surgical instruments, worn clothing, cement and pharmaceutical products decreased by 10%, 4%, 11%, 18% and 26% respectively in January 2022 compared to same month of last year.
The US remained the top export destination for Pakistan, as the export value recorded $570 million in January this year compared to $456 million in the same month of 2021, posting a growth of 25%.
China remained the second largest market for Pakistan. Exports to China rose to $230 million in January this year as against $189 million in January last year, registering an increase of 21%.
Exports to Italy posted an enormous year-on-year growth of 93% with export value jumping to $118 million from $61 million. Exports to Spain, the United Arab Emirates (UAE), Bangladesh, Malaysia, Sri Lanka and Turkey also grew by 44%, 24%, 60%, 124%, 74%, and 89% respectively during the month under review.
Exports to United Kingdom, Saudi Arabia, Afghanistan, Russia and Sweden declined by 5%, 4%, 66%, 23% and 28% respectively in January.
According to Abdul Razzak Dawood, Prime Minister’s Advisor on Commerce, exports in January were recorded $2.546 billion, registering a growth of 18.7% as against the same month of last fiscal year.
Pakistan’s overall exports rose significantly in the first seven months of the current fiscal year swelling to $17.67 billion compared to $14.25 billion in the corresponding months of the last fiscal year, with a growth of 24%, the advisor said in a statement
INP
