ISLAMABAD - The exports of textile goods increased by 4.18 percent during the first two months of the current fiscal year as compared with the corresponding month of last year.

The textile goods exports were recorded at $3,056.387 million in July-August (FY2022-23) against the exports of $2,933.739 million in July-August (FY2021-22), showing growth of 4.18 percent, according to the latest data released by Pakistan Bureau of Statistics (PBS) on Thursday.

The textile products that contributed in trade growth included raw cotton the exports of which increased by 100 to $5.563 million during the period.

The other commodities that witnessed growth in trade included cotton cloth, the exports of which grew by 2.65 percent to $377.374 million from $367.624 million and knit wear the trade of which increased by 16.95 percent, from $756.522 million to $884.759 million.

Likewise, the exports of tents, canvas and tarpaulin increased by 56.82, from $12.250 million to $19.210 million, readymade garments by 8.49 percent, from $584.941 million to $634.596 million and art, silk and synthetic textile by 2.43 percent from 69.202 million to $70.887 million.

The textile goods that witnessed negative growth in trade included cotton yarn, the exports of which declined by 17.03 percent, from $193.389 million to $160.453 million.

The exports of cotton (carded or combed) declined by 89.61 percent, from $0.770 million to $0.080 million, yarn (other than cotton yarn) by 0.81 percent, from $7.770 million to $7.707 million, bedwear by 3 percent from $528.109 million to $512.291 million, towels by 6.61 percent, from $160.614 million to $150.001 million, madeup articles (excluding towels, bedwear) by 13.63 percent, from $133.356 million to $115.183 million while the exports of all other textile materials went down by 0.76 percent, from $119.192 million to $118.283 million.

Meanwhile, on year-on-year (YoY) basis, the textile goods’ exports increased by 7.71 percent in August 2022 to $1,575.366 million against exports of $1,462.554 million in August 2021. On month-on-month (MoM) basis the textile goods’ exports went up by 7.07 percent in August 2022 when compared to the exports of $1,481.021 million in July 2022, according to the PBS data.

It is pertinent to mention here that the overall merchandize exports from the country witnessed an increase of 3.75 percent during the first two months of the current fiscal year as compared to the corresponding period of last year.

The overall exports from the country were recorded at $4.759 billion during July-August (2022-23) against the exports of $4.587 billion recorded during July-August (2021-22).

On the other hand, the imports into the country decreased by 9.25 percent by declining from $12.152 billion last year to $11.028 billion in July-August (2022-23).

Based on the data, the trade deficit during the period under review was recorded at $6.269 billion, showing a decrease of 17.13 percent over the deficit of $7.565 billion recorded during last year, the PBS data revealed.