KARACHI/ISLAMABAD   -   Despite decrease in import of cotton and other raw materials, Pakistan had to pay 25% more on imports of textile group commodities due to higher international prices in the first nine months of fiscal year 2021-22.

According to statistics issued by Pakistan Bureau of Statistics, total value of imports of textile group in first nine months of fiscal year 2021-22 was recorded at $3,499.68 million which is 25.59 percent higher than corresponding period of fiscal year 2020-21. Import volume of textile group remained $ 2,786.5 million in July-Mach 2020-21.

The PBS data shows that import of raw cotton, synthetic fiber and synthetic and artificial silk yarn decreased in terms of quantity during the period under review while value of the import recorded increase due to higher prices of the commodities in international market.

During three quarters of the current fiscal year 533,871 metric tons of raw cotton worth $1,205.47 million was imported while in the corresponding period of the previous year 624,945 metric tons of raw cotton worth $1,032.08 million was imported that shows 14.57 decrease in terms of quantity while 16.8 percent increase in terms of value.

The same trend was seen in import of synthetic fiber as its quantity slide down 15.85 percent to 291,364 MT from 346,248 MT while import value rose 27.51 percent from $ 440.986 million to $ 562.281 million. Import of synthetic and artificial silk yarn recorded 30 percent increase in value while 7.64 percent decline in quantity as 293,191 MT of synthetic and artificial silk yarn worth $ 650.219 million was imported during first 9 months of 2021-22 while 317,440 MT of the same commodity worth $ 499.788 million was purchased from abroad during July-March 2020-21. Meanwhile, import of worn clothing recorded 56.87 and 66.47 percent increase in terms of both quantity and value respectively. As per PBS data 764,139 MT of worn clothing worth $341.319 million was imported during the period as compared to 487,107 MT of worn clothing having a value of $205 million. Import of other textile items also increased 21.64 percent during July March 2021-22 and surged to $740.383 million from $608.677 million in first nine months of 2020-21.

Meanwhile, the food group imports into the country during first three quarters of current financial year increased by 15.46% as against the imports of the corresponding period of last year. During the period from July-March 2021-22, different food commodities valuing $7.067 billion were imported as against the imports of $6.121 billion of corresponding period of last year.

The major commodities which observed increase in their respective imports during the period under review included soyabean 113.73%, palm oil 46.74%, sugar 49.74%, tea 11.95%, spices 11.71% and pulses 6.53%. Meanwhile, the imports of milk cream and milk for infants during the period under review decreased by 16.78%, wheat unmilled 19.12%, dry fruits and nuts decreased by 22.54%. In last 9 months of current financial year, $2.443 billion were spent on the import of palm oil as against the import of $1.860 billion of same period last year, besides spending $103.873 million on the import of soyabean oil as compared the import of 48.325 million in order to fulfill the domestic requirements of edible oil and vegetable ghee.

During the period under review 311,031 metric tons of sugar valuing $190.873 million was imported as against the import of 279,604 metric tons costing 127.467 million of same period last year. Over 720,433 metric tons of pulses valuing $477.693 million were also imported in last 9 months in order to tackle with local needs, which was recorded at 842,643 metric tons worth of $448,424 million during corresponding period of last year. It is worth mentioning here that food group exports from the country during first three quarters of current financial year grew by 18.92% and reached $3.961 billion as against the exports of $3.331 billion same period last year.