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Textile exports plummet in July over June
24
Aug '11
Pakistan's textile exports have plummeted to US$ 1.121 billion in July from previous month's US$ 1.323 billion, showing a month-on-month fall of 15.26 percent, the data released by the Federal Bureau of Statistics (FBS) showed.

According to experts, such a drop in textile exports is mainly attributable to sluggish demand due to apprehensions of global economic slump.

During the recently concluded fiscal 2010-11, the country's textile exports jumped to a historic high of US$ 13.8 billion as against previous fiscal's exports worth US$ 10.2 billion, thus growing by over 35 percent.

This rise in export revenues was not due to rise in export volumes, but was because of rise in price of textiles. The price of almost all textile items witnessed a rise in their unit prices during the last fiscal.

In fact, the rise in textile export revenues had direct correlation with surge in the prices of raw cotton in world market during the last fiscal.

The State Bank of Pakistan (SBP), in its quarterly review on Pakistan economy, has voiced its apprehensions that the country's textile exports may not perform as well this year as it did in fiscal 2010-11.

Compared to June, exports of all textile category items, excluding raw cotton, witnessed a fall in July. Raw cotton exports grew by 17.38 percent from US$ 9.815 million in June to US$ 11.521 million in July.

Fibre2fashion News Desk - India

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