Textile sector exports surge 7.03 percent in November 2019

KARACHI: Country’s overall textile exports clocked in at $1.17 billion in November 2019, up 7.03 percent as against exports of $1.09 billion in the same month last year as all groups of the sector witnessed growth.

According to the data issued by Pakistan Bureau of Statistics (PBS), textile sector exports stood at $5.76 billion in five months (July-November 2019), up 4.68 percent compared with $5.5 billion in the corresponding period last year.

“Going forward, we highlight implementation on China Pakistan Free Trade Agreement (CPFTA II), as a key catalyst in supporting future export volumes as it includes multitude of positives such as concessionary tariff lines and greater market access,” an analyst at Pearl Securities said.

Moreover, with the government now scrapping the flawed mechanism of bonds to clear refund payments and instead opting to make cash payments, exporters expect liquidity and working capital requirement for the sector to improve going forward.

“Growth overall in textile exports has remained stagnant in recent months and it remains to be seen whether the China-Pak FTA II can provide some fresh impetus to the sector,” an analyst at JS Global Capital said.

In the value added sector, readymade garments fetched $250.65 million in November, up 18.13 percent as against $212.17 million in November last year. Knitwear exports surged 5.76 percent to $266.85 million; bedwear exports increased 0.39 percent to $195.45 million, and towels exports stood at $65.37 million in November 2019, up1.05 percent as against exports of $64.69 million last year.

Raw cotton exports stood at $2.06 million up 24.91 percent on yearly basis, while cotton yarn exports surged 23.9 percent to $98.5 million in November 2019.

“Also with the announced enhancement in threshold of EFS and LTFF for export sector by a further Rs100 billion, we believe implementation on this enhanced facility will provide much needed financial assistance to the sector in the prevailing high interest rate scenario, thereby paving the way for further accretion in country’s exports,” Pearl Securities report said.

On the other hand, food group exports surged 16.3 percent to $397.708 million in November 2019. Food group including rice, fruits, vegetables, meat, sugar etc., surged 16.2 percent to $1.75 billion in five months.

The country also recorded petroleum crude exports worth $31.28 million in November 2019, which is 34.9 percent higher than the exports worth $23.18 million in October 2019. There was no crude export in November 2018.

Meanwhile, petroleum products imports during November 2019 clocked in at $930.4 million, down 31.48 percent from $1.35 billion recorded in November last year. During five months (July-November 2019), petroleum products imports were recorded at $5.11 billion, down 21.79 percent as against imports of $6.53 billion in the corresponding period last year.

Bookmark the permalink.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  • RSS Newsnreleases

    • Nokia and EDC partner to advance Canada’s 5G contributions 26-Jul-2021
      OTTAWA: Nokia and Export Development Canada (EDC) today announced an expanded global partnership aimed at investments in 5G and the... Continue reading The post Nokia and EDC partner to advance Canada’s 5G contributions appeared first on NewsnReleases.
    • ITV buys minority stake in Live Tech Games 26-Jul-2021
      LONDON, UK: ITV Plc has agreed to invest £2.5 million in cash for a minority shareholding in Live Tech Games... Continue reading The post ITV buys minority stake in Live Tech Games appeared first on NewsnReleases.
    • Aon and Willis Towers Watson mutually agree to terminate combination agreement 26-Jul-2021
      DUBLIN, IRELAND: Aon plc and Willis Towers Watson announced that the firms have agreed to terminate their business combination agreement... Continue reading The post Aon and Willis Towers Watson mutually agree to terminate combination agreement appeared first on NewsnReleases.
    • S-Ventures acquires Pulsin Limited in a £7.5 million deal 26-Jul-2021
      LONDON, UK: S-Ventures PLC has acquired 100% of the share capital of Pulsin Limited, a well-established and highly respected plant-based... Continue reading The post S-Ventures acquires Pulsin Limited in a £7.5 million deal appeared first on NewsnReleases.
    • Artefact to sell controlling stake to Ardian Expansion for EUR 138.84 million 26-Jul-2021
      PARIS, FRANCE: The shareholders of Artefact  entered into exclusive negotiations regarding a potential acquisition by Ardian Expansion of 17.811 million... Continue reading The post Artefact to sell controlling stake to Ardian Expansion for EUR 138.84 million appeared first on NewsnReleases.