A surge in knitwear orders was the key driver as Pakistan’s textile exports hit a record high in the first eight months of the 2021-22 fiscal year. Overall, the country’s textile exports were up 26 percent to hit a record high of $12.6 bn, according to the latest data released by Pakistan Bureau of Statistics (PBS). In rupee terms, this represented an increase of 33 percent to Rs2.15 trillion during the eight months.
The key export driver was an increase in value-added exports with the knitwear sector contributing the most growth; a 34 percent surge on a year-on-year basis to $3.3 bn. This was followed by ready-made garments, which were up 25 percent to $2.5 bn, and bedwear, which was up 20 percent to $2.2 bn.
On a monthly basis, Pakistan textile exports also showed a recovery in February, up 8 per cent on a month-on-month basis, after witnessing two months of month-on-month decline since December 2021.
The knitwear and ready-made garments sectors also posted strong February growth with exports up 7 per cent each to $414 mn and $354 mn, respectively.
Compared with last year, Pakistan textile exports are up 36 percent year-on-year and up 50 percent on a year-on-year basis in rupee terms in February 2022, led by significant growth witnessed in value-added segments, largely in knitwear, up 42 percent and ready-made up 49 percent in volume terms.
