ISLAMABAD: The exports of non-textile products witnessed a paltry negative growth of 0.54 per cent in the first two months of the current fiscal year from a year ago, according to data compiled by the Pakistan Bureau of Statistics.
The start of 2023-24 saw a continued downward trend in the export of value-added products, contributing significantly to the decline in non-textile products.
The export proceeds from the non-textile sector had been stagnant since the beginning of FY23 due to demand contraction in the buyers’ market. Exports showed no growth since September 2022 on a year-on-year basis.
In the July-August period of FY24, the exports of leather garments fell year-on-year by 8.31pc in FY24. The exports of raw leather also decreased by 36.89pc during the months under review.
The export of carpets and rugs declined by 16.86pc in 2MFY24. Despite a complete slump in FY23, the new fiscal year saw a revival in cement exports, with a surge of 130.24pc.
The export value of surgical instruments remains negligible as these instruments are re-marketed in Western countries by famous brands. However, Pakistan is one of the main suppliers of global surgical instruments. The export of surgical instruments rose by 4.29pc in July-August over the same months last year.
Contrary to this, the export of footwear saw a decline of over 12.75pc in July-August from a year ago. Footwear is one of the sectors which saw a growth in exports in FY23. And the export of engineering goods also witnessed a decline of 13.01pc in FY24 from a year ago.
Published in Dawn, September 21st, 2023