Non-textile exports increase 11.7% in FY21
Non-textile exports in Pakistan increased 11.7 percent year on year to $9.904 billion in 2020–21, thanks to a partial resurgence of foreign orders and government support programs.
The value-added sectors are driving overall development in the non-textile industry. According to statistics produced by the Pakistan Bureau of Statistics (PBS), the non-textile industry has yet to get full orders to pre-Covid levels.
In FY21, three sectors — leather apparel, surgical instruments, and engineering products — maintained export earnings growth despite blockages in many countries. Exports of leather apparel grew 14.02 percent and leather gloves increased 22.26 percent in the value-added leather industry, respectively. Rawhide exports decreased by more than 12.04% during FY21, mainly showing that it is being used in domestic value-added industries.
Pakistan is a leading global surgical instrument supplier. However, these instruments are re-tagged in western countries with famous brands. As a result, the export value of these products does not increase.
Exports of surgical instruments recorded a 20.36 percent growth to $428,008 million in FY21 from $355.617 million last year, followed by a 28.46 percent jump in pharmaceuticals to $270.142 million versus the US $210,299 million last year.
Read Also : Pakistan’s exports reached $31.3 billion in FY21
Footwear exports increased 4.72% year-on-year to $131.889 million, led by leather and canvas shoes. Exports of engineering products increased 30.91 percent year-on-year to $226.024 million in FY21, followed by 37.60 percent in electric fans to $32.444 million and cement 3.26 percent to $267.910 million in the year.
In budget 2021–22, the government proposed several measures, including reducing taxes on raw materials to promote exports of pharmaceuticals, plastics, chemicals, engineering, and value-added textiles.
Spice exports increased 5.34 percent, followed by oilseeds, 212.64 percent nuts, meat and products 9.62 percent, fish and fish products 1.85 percent during the period under review. In contrast, exports of vegetables increased 7.14%, fruits 11.16%, tobacco 0.49%.
But the rice exports recorded a decline of 6.17%. On the other hand, basmati exports dropped 26.51% in value and 27.35% in quantity, while non-basmati exports increased 5.26% in value.
Published in Lahore Herald #Exports, #NonTextileExportsIn2021 Published in Lahore Herald