In an economic setback, Pakistani exports registered downward trend
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During the first quarter of the fiscal year 2023-24 (July-September), Pakistan's exports totaled $6.910 billion (provisional), reflecting a 3.63 percent decrease compared to the corresponding period in the previous year. This information is based on data released by the Pakistan Bureau of Statistics (PBS).
Specifically, the country's textile group exports experienced a notable decline of approximately 9.95 percent during the first quarter of FY24, amounting to $4.127 billion compared to $4.584 billion in the same period of FY23.
Conversely, cotton yarn exports showed significant growth, increasing by 33.50 percent in the first quarter of FY24, reaching $315.404 million in contrast to $236.263 million during the equivalent period of FY23.
Rice exports also witnessed a modest growth of 0.98 percent during the initial quarter of FY24, reaching $406.387 million, as opposed to $402.461 million in the corresponding quarter of FY23. Furthermore, the food group exports displayed a robust growth of 18.88 percent during the first three months of FY24, amounting to $1.280 billion compared to $1.077 billion in the same period of FY23.
In September 2023, the total exports were $2.476 billion (provisional), which represented a 4.65 percent increase from August 2023, and a 1.60 percent increase compared to September 2022.
Analyzing the data further, on a month-on-month (MoM) basis, textile exports indicated a 6.48 percent decrease in September 2023, with a total of $1.360 billion, down from $1.455 billion in August 2023. On a year-on-year (YoY) basis, textile exports displayed a decline of 10.88 percent in September 2023, with a significant decrease from $1.527 billion in September 2022.
Additionally, cotton yarn exports experienced substantial growth on a year-on-year basis, with a remarkable 49.81 percent increase, reaching $113.567 million compared to $75.809 million in September 2023. On a MoM basis, these exports registered an 8.36 percent increase when compared to $104.806 million in August 2023.
