Textile exports hit $12.60 billion in eight months

KARACHI: Country’s textile exports reached to a record high of $12.60 billion in first eight months of current financial year, data showed on Tuesday.

The textile earnings showed an increase of 26 percent, as compared to $10 billion last year in the period under review. The strong growth in exports of textile goods came mainly from the value added sector.

The export of food group also posted substantial growth of 20 percent to $3.43 billion against $2.83 billion in the first eight months of this fiscal. The rise in food item exports came was largely from rice the sector along with the some other food items.

Country also posted growth in the export of petroleum products, which went up 59 percent in the months under review. The export of sports goods posted 35 percent growth; leather garments nine percent, footwear 17 percent respectively.

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Overall exports jumped to $20.55 billion in the first eights month of current financial year. Compared to & 16.332 billion in the same period of last fiscal. Registering almost 26 percent growth on the back of strong growth in textile and other export groups.

Whereas, imports also surged sharply by registering 55 percent growth to $52.5 billion against $33.85 billion. In the first eight months of current financial year.

Because of huge imports compared to exports, trade deficit broadened to $31.9 billion against $17.5 billion. In the last fiscal, showing 82 percent growth.

On the import side, petroleum products import caused a major surge in overall import bill of the country. As the imports of energy products jumped by 100 percent in the first eights month of current fiscal, compared to same period of last year.

Total petroleum groups imports stood almost $13 billion, against $6.44 billion previous year.