Textile exports dip 6.38pc in Dec
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ISLAMABAD: Exports of textile and clothing witnessed a negative growth of 6.38 per cent in Dec 2014 to $1.175 billion from $1.255bn in the same month of previous year.
The export proceeds reversed in the month of December, after witnessing a positive growth of over 7pc in November from a year ago, Pakistan Bureau of Statistics data showed on Wednesday.
The reason for decline, forwarded by the private sector, was the failure of the Punjab government to provide uninterrupted power and gas supply to the textile mills.
In the first 11 months (Jan-Nov) of 2014, the export of value-added and non-value added textile products to the European Union (EU) witnessed a growth under the GSP+ scheme. But this increase is not reflected in the overall exports from this sector.
A trade analyst said that textile exporters have diverted their exports to EU from other destinations to avail zero-rated access, adding that, “There is no link in market access programme of the commerce ministry with the country’s industrial production capacity.”
Product-wise details show that export of low value-added products, such as cotton cloth fell by 13.62pc; art, silk 29.79pc and made up textile excluding towels 10.04pc during the month under review over the corresponding month last year.
Raw cotton export witnessed a robust decline of 41.50pc in Dec 2014 from a year ago. The export of cotton yarn witnessed a negative growth of 10.58pc. However, exports of yarn other than cotton yarn rose by 230.56pc, and cotton carded by 100pc.
Exports of value added products witnessed increase during the month under review. The exports of knitwear witnessed a growth of 3.29pc, and readymade garments 10.45pc. However, exports of bedwear dropped by 11.54pc and towels by 11.39pc.
Total exports witnessed a decline 4.31pc to $12.07 billion in July-Dec period of 2014 as against $12.616bn over the corresponding period last year.
OIL AND FOOD PRODUCTS: Import of oil and eatables bill witnessed an increase of 1.80pc in the first half (July-Dec) of this fiscal year from a year ago.
In absolute terms, import bill of these two products reached to $9.756bn from $9.583bn over the corresponding period last year.
During the period, total import bill reached $24.202bn as against $21.671bn, an increase of 11.68pc.
The import of food products witnessed a surge of 37.28pc at $2.810bn in July-Dec 2014 as against $2.047bn in the same period last year.
The increase was mainly driven by import of wheat which witnessed an increase of 70pc, palm oil, 5.11pc; pulses, 39.31pc; and all other products, 85pc during the period under review. However, imports of sugar also increased.
Statistics show that oil import bill reached $6.946bn in July-Dec 2014 as against $7.536bn over last year, a decline of 7.83pc. Import of crude oil was down by 5.77pc, while import of petroleum products fell by 9.04pc.
Published in Dawn, January 22nd, 2015
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