Pak Textile & Apparel Exports Contract 9.9% in Q1FY’24

In the first fiscal quarter ending September 30, 2023 Pakistani textile and garment exports contracted 9.95 percent to $4.12 billion from $4.58 billion in the same quarter of previous fiscal.

“For September 2023, they shrank to $1.52 billion, down 10.88 percent as against $1.52 billion in the same month last year,” data from the Pakistan Bureau of Statistics revealed.

Exports of garments dropped 11.21 percent year on year in value in the July to September 2023 period but rose 8.24 percent in quantity.

However, exports of raw cotton expanded 12 percent from a year ago period and yarn exports increased by a massive 33.5 percent during the first quarter of fiscal 2024.

In the months between July and September 2023, imports of textile machinery plummeted 75.38 percent, an indicator that modernisation or expansion projects are on the backburner.

Imports of cotton also declined significantly by 68.73 percent year over year, while imports of synthetic fibre surged 21.41 percent in the period under review.