Textile exports decline by 5% in April 2024

Monthly Export Performance

In April 2024, textile exports were approximately USD 1.2 billion. Despite a steady increase over the past five months, this represents a 5% decrease compared to March 2024.

Period	Amount (USD)	Change MoM
Apr’24	1.2Bn	-5%

Cumulative Export Data

For the first ten months of fiscal year 2024 (10MFY24), total textile exports reached around USD 13.75 billion. This indicates a slight year-over-year (YoY) decrease of 0.2%.

Period	Amount (USD)	Change YoY
10MFY24	13.75Bn	-0.2%

Detailed Breakdown for April 2024

In April 2024, basic textile exports fell to about USD 191 million, an 11% decrease YoY, primarily due to lower cotton cloth exports. Other textile exports also dropped by 4% YoY to USD 145 million. However, value-added exports increased by 4% YoY, reaching around USD 901 million, driven by higher exports of knitwear and ready-made garments, which rose by 1% and 18%, respectively.

Textile Exports USD (Mn)	Apr’24	Apr’23	YoY Change	Mar’24	MoM Change	10MFY24	10MFY23	YoY Change
Textile Group
Raw Cotton	0	0	N/M	0	N/M	56	13	3.2x
Cotton Yarn	54	64	-15%	44	24%	846	637	33%
Cotton Cloth	135	147	-8%	163	-17%	1,558	1,685	-8%
Cotton Carded & Combed	0	0	N/M	0	N/M	1	1	-16%
Yarn	2	3	-36%	2	-10%	29	36	-21%
Knitwear	326	322	1%	337	-3%	3,567	3,712	-4%
Bed Wear	203	218	-7%	215	-6%	2,291	2,250	2%
Towel	81	80	1%	93	-13%	865	825	5%
Tents & Canvas	9	14	-35%	10	-9%	97	117	-17%
Readymade Garments	291	247	18%	287	1%	2,888	2,905	-1%
Arts & Silk	28	33	-17%	30	-8%	301	343	-12%
Madeup Articles	53	50	6%	59	-9%	589	585	1%
Other Textiles	55	54	1%	58	-6%	595	601	-1%
Total Textile Exports	1,237	1,233	0%	1,299	-5%	13,682	13,709	0%

March 2024 Production Data

According to the latest data from the Pakistan Bureau of Statistics (PBS), textile production in March 2024 increased by 5% YoY. This growth was driven by higher production of cotton yarn (up 4% YoY), cotton cloth (up 1% YoY), and woolen blankets (up 1.4 times YoY). This increase follows consecutive declines in production since November 2023. However, for the first nine months of FY24, production saw an 8% YoY decline.

Future Outlook

In the first quarter of the calendar year 2024 (1QCY24), exports of cotton yarn to China surged by 66%. This growth is due to the rising demand for Pakistani cotton textiles in China’s export and domestic markets, presenting new opportunities for increased exports.

The textile industry is facing significant challenges due to high energy costs. However, the government plans to reduce tariff taxes for export-oriented industries in the upcoming budget, pending approval from the International Monetary Fund (IMF). This move is expected to positively impact local production and export activities.

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Disclaimer:

The information in this article is based on research by TSL Research. All efforts have been made to ensure the data represented in this article is as per the research report. This report should not be considered investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.