In February 2024, Pakistan experienced a substantial surge of 20% in textile exports on a year-on-year basis, according to data released by the All Pakistan Textile Mills Association (APTMA) on Tuesday.
The textile product exports from Pakistan reached $1.41 billion in February, marking a robust increase of 19.7% from the corresponding month last year (2023), where the exports stood at $1.18 billion. This noteworthy expansion signifies the third consecutive month of positive growth for the textile sector, which plays a pivotal role, constituting over half of the country’s total exports and serving as a significant source of foreign exchange.
However, despite the recent surge, the cumulative textile exports in the first eight months of the fiscal year 2023-2024 (commencing in July) were still marginally down by 1% year-on-year, amounting to $11.15 billion.
The year-on-year comparison reveals a positive trajectory, with textile exports in December 2023 increasing by 3.3%, in January 2024 experiencing a 10.1% surge, and in February 2024 demonstrating a substantial 20% growth.
Earlier statements from Pakistan’s Caretaker Minister for Commerce, Dr. Gohar Ejaz, indicated an overall positive trend in exports. He reported a notable increase of around 30% in exports over the preceding three months, with growth rates of 28% in December, 27% in January, and 30% in February 2024.
Additionally, Dr. Ejaz highlighted specific sectors contributing to this growth, citing a 15% expansion in manufacturing and engineering exports and a remarkable 70% increase in food and agricultural product exports. This surge in textile exports contributes significantly to the economic resilience and export-driven growth of Pakistan.
