Pakistan’s textile exports fell 1.74 per cent in the first eight months of the current fiscal year 2016-17. In February, textile exports slid 6.48 per cent month-on-month and 2.53 per cent year-on-year. In February, machinery imports increased 41.93 per cent year-on-year but they decreased 18.47 per cent month-on-month. Imports of petroleum products surged 67.02 per cent year-on-year and rose 4.39 per cent month-on-month.
From July to February of the financial year 2017, food exports declined 11.79 per cent. Sugar exports slumped 88.38 per cent. Knitwear exports remained almost flat in July to February 2016-2017, while bed wear exports rose 5.07 per cent. Exports of readymade garments increased 4.3 per cent. Cotton cloth exports decreased 6.26 per cent. Exports of raw cotton nearly halved in the period under review.
Machinery imports accounted for 20 per cent of the total imports during the period and were up 42.36 per cent over the previous fiscal year. Oil import bill was up 20.97 per cent. Food imports soared 13.47 per cent in the first eight months of the current fiscal year. On the whole an improvement in exports from the value-added sector of Pakistan arrested a major revenue setback during this period.