ISLAMABAD

Pakistan’s textile exports declined by 14.6 per cent in November due to both external and internal issues.

In absolute terms, Pakistan exported textile commodities worth $961 million during November as compared to $1.13 billion of the corresponding month of the previous year. According to the latest figures of Pakistan Bureau of Statistics (PBS), the country’s textile exports stood at $5.2 billion during July-November of the ongoing fiscal year as against $5.7 billion of the same period of last year, showing a decline of 8.4 per cent.

“Exports could further tumble in the months to come as government has suspended gas supply to Punjab’s textile mills indefinitely,” said an official of the All Pakistan Textile Mills Association talking to The Nation. He further said that more than 400 of spinning, weaving and processing were being supplied gas just for four hours a day in November, which now has been halted completely in December.

Exports would also suffer as cotton arrival in November 2015 had dropped to just 5.1 million bales against 8.5 million bales of last year in Punjab, a decline of 40 per cent. Pakistan’s exports are continuously declining from last several months. The Ministry of Commerce attributed the decline in exports to adverse terms of trade triggered by massive reduction in commodity prices and weak global demand.

The PBS data showed that export of readymade garments registered a growth of 3.59 per cent during July-November 2015 over a year ago. Similarly, exports of towels recorded growth of 6.1 per cent.

Meanwhile, all other textile goods had registered negative growth including raw cotton 29.52 per cent, cotton yarn 28.01pc, cotton cloth 9.88pc, cotton carded or combed 97.9pc, yarn 24.4pc, knitwear 2.26pc, bed wear 7.36pc, tents, canvas & tarpaulin 45.4pc, art and silk & synthetic textile 21.9 per cent, during July-November 2015 as compare to the same period last year.

According to the PBS data, country’s overall exports came down to $8.5 billion in July-November of the year 2015-2016 from $9.9 billion of the same period of previous year. Meanwhile, imports decreased by 9 per cent to $18.5 billion in July-November 2015-2016 from $20.3 billion of the same period last year. Pakistan’s trade deficit, gap between exports and imports, narrowed to $9.9 billion during five months of the current financial year from $10.4 billion of the corresponding period of previous year with reduction of 4.15 per cent.

Import bill of oil witnessed a decline of 41.21 per cent to $3.6 billion in first five months (July-November) of the ongoing financial year 2015-16 from $6.1 billion in the same period last year. The break-up of oil import showed that country imported petroleum products worth of $2.3 billion and crude oil worth of $1.3 billion.