Pakistan's non-textile exports plunge 6pc to $7.4bn in 8MFY23
Pakistan’s exports of non-textile products have plunged 6.16 per cent year-on-year to $7.46 billion in the first eight months of the current fiscal year (FY2022-23).
The export proceeds of the non-textile sector witnessed stagnation since the start of the current fiscal year as demand slowed down in the buyers’ market.
Data compiled by the Pakistan Bureau of Statistics (PBS) shows that no growth was recorded in exports since September 2022 on a year-on-year basis.
The non-textile exports recorded a growth of 25.85pc in FY22, the data further shows.
In the value-added leather sector, exports of leather garments dropped by 8.37pc. The export of leather gloves dipped 0.31pc in July-February of 2022-23. Contrary to this, the exports of raw leather also decreased by 15.18pc.
The export of cement fell by 34.45pc during the first eight months this year from a year ago.
The export of surgical instruments surged 8.16pc in 8MFY23 over the same period last year. The exports of pharmaceutical products also grew by 30.38pc.
Loss-making state entities borrowed Rs142.3bn in FY23
The export of carpets dipped by 8.45pc while that of sports goods grew by 18.28pc in 8MFY23. The sales of footballs were up 35.70pc because of its bulk supply to FIFA world cup 2022.
The PBS data further reveals that the food basket posted negative growth of 6.08pc in July-February from a year ago.
The exports of rice witnessed a negative growth of 12.09pc year-on-year in July-February mainly because of a drop in the demand for basmati rice.
The basmati exports in value decreased by 10.56pc and 25.18pc in quantity while non-basmati exports were down by 12.68pc in value and 16.78pc in quantity.
The export of spices dipped by 14.30pc, followed by oilseeds, nuts by 26.02pc, fruits by 40.47pc, and vegetables by 3.65pc, respectively.
The export of meat and products was up 16.78pc, followed by the export of fish products increased by 12.09pc and tobacco by 26pc in July-February FY23 over the last year months, the PBS data shows.