Pakistan’s clothing exports and cotton imports have dropped significantly
The latest data from Pakistan’s Federal Bureau of Statistics shows that as the average export price rose to a new high, Pakistan’s clothing exports fell by 28.1% year-on-year in February this year, showing double-digit declines for the fifth consecutive month. Statistics show that in February this year, the average price of Pakistan’s clothing exports increased by 29.4% year-on-year, and the average price of knitted clothing and ready-made clothing both increased by double digits year-on-year.
Affected by the continued rise in average export prices, Pakistan’s apparel export competitiveness has been affected. From January to February this year, Pakistan’s clothing exports fell by 30.5% year-on-year, and the export prospects later this year are not optimistic. In the later period, export unit price, exchange rate, foreign demand and competition from other exporting countries will all affect Pakistan’s clothing exports.
As domestic cotton production reached a record high and foreign demand for gauze was sluggish, Pakistan’s cotton imports in February this year were only 16,200 tons, a year-on-year decrease of 73.4%. Currently, the USDA’s forecast for Pakistan’s cotton imports this year is 218,000 tons, the lowest level in nine years.
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