Industry

Textile exports increase by 8pc YoY in January

Karachi, January 19, 2021: After a solid performance last month, textile exports continued to flourish in Jan-2021, increasing by 11 percent YoY to US$1,323mn. Cumulatively, this takes 7MFY21 textile exports to US$8,766mn, translating to growth of 8 percent YoY.

Value-added segments shined yet again, particularly Knitwear (33 percent YoY) and Towels (34 percent YoY), whereas Bed-wear (13 percent YoY) and Garments (5 percent YoY) also recorded growth during the month.

Meanwhile, yarn (Jan-2021: -10 percent YoY, 7MFY21: -24 percent YoY) and cotton cloth (Jan-2021: -14 percent YoY, 7MFY21: -9 percent YoY) continued to show lackluster results in Jan-2021, which is partly due to rising demand from local value added players and also on account of the poor domestic cotton yields this year.

Globally, as the situation normalizes post Covid lockdowns, demand for textiles is anticipated to recover further, which would be positive for local exporters.

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