ISLAMABAD: Export of textile and clothing products witnessed a paltry growth of 0.40 per cent to reach $1.114 billion in October this fiscal year (FY14) from a year ago.
Export proceeds from these sectors decelerated after substantial decline in export of raw cotton and low value-added products, showed data of Pakistan Bureau of Statistics on Wednesday.
In October 2012, the export of textile and clothing was $1.110bn.
The products that witnessed a negative growth in October 2013 over the same month last year are raw cotton, cotton yarn, cotton carded, towels, tents, readymade garments and art silk.
However, growth in exports in the month was mainly driven by bedwear, knitwear, cotton cloth, and made ups.
During the first four months (July-October) of the current fiscal year, the export of the textile and clothing sector witnessed a growth of 7.55pc, reaching $4.691bn compared with $4.361bn a year earlier.
This growth was mainly driven by the access to the European markets on selected products. The European Union’s preferential package on import of 75 items was in operation since December 2012.
Depreciation of Pakistani currency is also one of the pushing factors in the year-on-year growth of export proceeds during the first quarter of FY14.
In terms of rupees, exports grew by 11.83pc in October 2013 from a year ago.
A sector-wise analysis showed that export of low value-added products, such as cotton cloth, was up by 8.94pc, yarn other than cotton yarn by 29.26pc, and made-up articles excluding towels, bedwear by 7.57pc, during the month under review.
In the value-added sector, export of bedwear and knitwear increased by 7.15pc and 6.32pc during the month. However, the export of readymade garments declined by 7.02pc.
Statistics showed that year-on-year export of raw cotton witnessed a sharp decline of 50.35pc in the month.
Industry sources said that consistent supply of gas to textile sector produced the desired results, especially in the Punjab. However, the recent strike by the goods transporters may affect the export proceeds.
The growth in yarn and fabric exports was mainly because of improved energy supply.
Total export proceeds witnessed a growth of 5.11pc to $8.576bn in July-Oct 2013 from $8.159bn a year earlier.