Recent Financial News in the 'textile-spinning' category
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Thursday, March 21 2024
Non-textile exports fall over 3pc in February
ISLAMABAD: Exports of non-textile value-added products registered a year-on-year growth of 0.47 per cent in the first eight months of the current fiscal year, a healthy sign of getting more orders from the international market.
The non-textile products exports did not include the export value of food products during the period under review.
In absolute terms, the value of non-textile products reached $4.24 billion in July to February FY24 against $4.22bn in the corresponding months of last year, according to data compiled by the Pakistan Bureau of Statistics.
In February, the export of these commodities posted a negative growth of 3.26pc to $473.37m this year against $489.33m over the same month last year.
The export of engineering goods saw an increase of 71pc in February followed by 6.73pc growth in leather goods. The exports of these two commodities revived in February while a few other commodities also saw an increase.
In 8MFY24, the export of footwear dropped 12.06pc and leather garments 10.97pc year-on-year in July-February FY24. The decline was also observed in leather gloves. The exports of raw leather also decreased by 22.43pc during the period under review.
Related news categories:
business
economic-indicators
textile-composite
textile-spinning
textile-weaving
Tuesday, March 19 2024
Textile exports dip again despite yearly growth
After experiencing slight increases in export figures for two consecutive months, Pakistan’s textile exports have once again entered negative territory on a month-on-month basis.
According to the latest figures released by the Pakistan Bureau of Statistics on Monday, textile group exports for February 2024 declined by 3.31% compared to January 2024, with February figures totalling $1.41 billion against January’s $1.46 billion.
On a yearly basis, textile product exports managed to remain in positive territory, showing an increase of 19.20%. Export figures for February 2023 were recorded at $1.18 billion.
The textile sector is a cornerstone of Pakistan’s economy, with stakeholders claiming it contributes around 60% overall. However, despite this significant role, it is not performing as expected, and the situation is deteriorating.
After nearly a year of negative export figures, the sector entered positive territory in December 2023. However, it only remained positive for two consecutive months before returning to negative territory.
Related news categories:
business
economic-indicators
textile-composite
textile-spinning
textile-weaving
Monday, March 18 2024
Textile sector seeks support to fully utilise GSP Plus
akistan Hosiery Manufacturers Association (PHMA) leadership has vowed that the value-added textile industry will work closely with the new government in a bid to enhance exports and rejuvenate the growth momentum.
In a statement, PHMA Zonal Chairman Farrukh Iqbal asked the government to provide its backing for the value-added apparel sector, so that it could utilise its potential to reap benefits of the GSP Plus preferential trade facility and provide mass employment to the jobless population.
“Exports to EU countries have started dropping, which is a matter of grave concern,” he said.
Iqbal hailed the recent government move to release Rs65 billion worth of verified pending tax refunds of exporters until February 2024. “This is a welcome move from Prime Minister Shehbaz Sharif and we appreciate him along with his team, as this will definitely boost the confidence of exporters and encourage the export sector.”
Related news categories:
business
economic-indicators
textile-composite
textile-spinning
textile-weaving