Economic achievement worth $5 billion by PTI government in FY 2019-20

Shares
Economic achievement worth $5 billion by PTI government in FY 2019-20

ISLAMABAD: *Economic achievement worth $5 billion by PTI government in FY 2019-20.*

PTI government reduce the country’s trade deficit from $14.47 billion to $9.496 billion during the July-November 2019 period. Pakistan’s textile and clothing exports grew by 4.1pc to $5.76 billion (on a year-on-year basis) during the first five months of the financial year 2019-20, according to data released by the Pakistan Bureau of Statistics on Tuesday.

The modest increase in export proceeds and the decline in import of oil and food products has helped the government reduce the country’s trade deficit from $14.47 billion to $9.496 billion during the July-November 2019 period.

As per the details, the export of textile and clothing rose by 4.1pc to $5.76 billion in 5MFY20, as compared to $5.5 billion in the corresponding period of last year.

On a year-on-year basis, the sector’s export proceeds were recorded at $1.177 billion in November, up 7pc as compared to the same month of last year.

Product-wise details reveal that the export of yarn (other than cotton) jumped by 2.81pc, art, silk & synthetic textile by 10.7pc and raw cotton by 3.67pc in 5MFY20.

In the value-added sector, the export of knitwear increased by 8.69pc in value and 6.05pc in quantity, while that of bedwear by 14.37pc. Foreign sales of readymade garments rose by 13.19pc in value and 35.95pc in quantity while proceeds from towel only inched by a modest 1pc.

Moreover, the export of cotton yarn increased by 2.87pc, raw cotton by 3.67pc, yarn other than cotton by 2.81pc, art and silk by 10.7pc and cotton carded by 100pc during the period under review. The export of cotton cloth declined by 3.74pc.