ISLAMABAD: Pakistan’s overall exports for the period of July-March 2022-23 stood at $21.051 billion (provisional), reflecting a decline of 9.85% compared to the same period last year when it was $23.350 billion.
However, in March 2023, exports increased by 8.26% to $2.372 million (provisional) compared to the previous month, but showed a decrease of 14.58% compared to March 2022, which stood at $2.777 billion, according to data released by the Pakistan Bureau of Statistics (PBS).
The textile group was hit the hardest as its exports declined by approximately 12.40% during the first nine months (July-March) of the fiscal year 2022-23, totaling $12.476 billion compared to $14.242 billion for the same period of the previous year. Furthermore, on a year-on-year basis, textile exports dropped by 22.61% in March 2023 and stood at $1.257 billion compared to $1.625 billion during the same month in 2022.
Despite the decline, the textile group managed to register a 6.55% month-on-month growth, reaching $1.257 billion in March 2023 compared to $1.180 billion in February 2023. Cotton yarn exports, however, witnessed a massive negative growth of 36.92% during the first nine months of the fiscal year 2022-23, totaling $573.084 million compared to $908.487 million for the same period in 2021.
On a year-on-year basis, cotton yarn exports registered a negative growth of 26.32%, while on a month-on-month basis, it grew by 22.43%. Additionally, exports of rice, other than textile, also decreased by 10.79% during the first nine months of 2022-23, standing at $1.598 billion compared to $1.791 billion during the same period last year.
The business community has urged upon the federal government to take measures to increase exports, especially in the textile sector, as it plays a crucial role in the country’s economy.
