KARACHI: Pakistan’s textile exports witnessed an increase of 26 per cent tohit a record high of $12.6 billion in the first eight months of the fiscalyear 2022, the Pakistan Bureau of Statistics (PBSlink)reported on Wednesday.

In rupee terms, the exports witnessed an increase of 33 per cent to 2.15trillion during the first eight months of fiscal yearlink 2022.

During the first eight months of fiscal year 2022, key export driver wasincrease in value-added exports where knitwear segment contributed the mostas it increased 34 per cent on a year-on-year basis to $3.3 billionfollowed by ready-made garments which were up 25 per cent to $2.5 billionand bedwear recording a growth of 20 per cent to $2.2 billion.

On a monthly basis, Pakistan textile exports have shown a recovery inFebruary, up 8 per cent on a month-on-month basis, after witnessing twomonths of constant month-on-month decline since December 2021 due to adownfall in the value-added exports especially in the knitwear segment.

Despite decrease in volumes, increase in exports on monthly basis isattributable to higher cotton yarn exports, up 65 per cent on amonth-on-month basis to $127 million in February 2022 due to the increasein cotton prices.

In addition, value-added segments such as knitwear and ready-made garmentsposted a decent growth in exports of 7 per cent each to $414 million and$354 million, respectively.

Compared with last year, Pakistan textile exports are up 36 per cent on ayear-on-year and up 50 per cent on a year-on-year basis in rupee terms inFebruary 2022, led by significant growth witnessed in value-added segments,largely in knitwear, up 42 per cent and ready-made up 49 per cent amidstvolumetric growth.

Basic textile exports increased 35 per cent on a year-on-year basis to $369million where major contribution comes from cotton cloth, up 56 per cent to$233 million.

The analysts expect the textile exports to keep robust growth in fiscalyear 2022 and expect it to clock in at $19 billion.