The exports of textile and its articles from the country witnessed increase of 2.17 per cent during the first ten months of the current fiscal year compared to the exports of the corresponding period of last year, State Bank of Pakistan (SBP) has reported.

The textiles exports from the country during July-April (2018-19) were recorded at $11.419 bn against the export of $11.176 bn during July-April (2017-18), showing an increase of 2.17 per cent. The textile commodities that contributed positively in external trade included articles of apparel and clothing accessories knitted, export of which grew from $2242.023 mn last year to $2508.329 mn during the current fiscal year, showing growth of 11.87 per cent.

The exports of articles of apparel or clothing accessories (not knitted) increased by 2.22 per cent, from $2069.823 mn to $2115.928 mn whereas the exports other made-up textile articles increased by 0.39 per cent, from $3383.728 mn to $3397.174 mn. The exports of knitted or crocheted fabrics grew by 25.56 per cent from $23.330 mn to $29.295 mn while the exports of man-made filaments increased by 29.58 per cent, from $17.944 mn last year to $23.253 mn, the data revealed.

Meanwhile, the textile commodities that witnessed negative growth in external trade included cotton, exports of which dipped by 1.57 per cent, from $2974.768 mn last year to $2928.057 mn. The exports of carpets and other textile floor coverings decreased from $69.815 mn to $65.929 mn, a decline of 5.56 per cent whereas the exports of man-made staple fibers decreased by 3.14 per cent, from $252.820 mn to $244.865 mn.

The country’s merchandize trade deficit plunged by 13.62 per cent during the first eleven months of the current fiscal year compared to the corresponding period of last year, Pakistan Bureau of Statistics (PBS) reported. The trade deficit contracted by 13.62 per cent to $29.207 bn during July-May (2018-19) against the deficit of $33.812 bn recorded during July-May (2017-18).

The exports during the period under review witnessed nominal decrease of 0.3 per cent by falling from $21.330 bn during last year to $21.267 bn during the ongoing fiscal year. On the other hand, the imports declined by 8.47 per cent to $50.474 bn during the period under review from $55.142 bn last year, the data revealed. On year-on-year basis, the exports declined by 1.72 per cent, from $2.139 bn in May 2018 to $2.102 bn in May 2019 while the imports declined by 12.8 per cent from $5.782 bn in May 2018 to $5.042 bn in May 2019, the data revealed.