KARACHI (APP): Despite decrease in import of cotton and other raw materials, Pakistan has to pay 25 % more on imports of textile group commodities due to higher international prices in the first nine months of fiscal year 2021-22.
According to statistics issued by Pakistan Bureau of Statistics, total value of imports of textile group in first nine months of fiscal year 2021-22 was recorded $ 3,499.68 million which is 25.59 percent higher than corresponding period of fiscal year 2020-21. Import volume of textile group remained $ 2,786.5 million in July-Mach 2020-21.
The PBS data shows that import of raw cotton, synthetic fiber and synthetic and artificial silk yarn decreased in terms of quantity during the period under review while value of the import recorded increase due to higher prices of the commodities in international market.
During three quarters of the current fiscal year 533,871 metric tons of raw cotton worth $1,205.47 million was imported while in the corresponding period of the previous year 624,945 metric tons of raw cotton worth $1,032.08 million was imported that shows 14.
57 decrease in terms of quantity while 16.8 percent increase in terms of value.
The same trend was seen in import of synthetic fiber as its quantity slide down 15.85 percent to 291,364 MT from 346,248 MT while import value rose 27.51 percent from $ 440.986 million to $ 562.281 million.
Import of synthetic and artificial silk yarn has recorded 30 percent increase in value while 7.64 percent decline in quantity as 293,191 MT of synthetic and artificial silk yarn worth $ 650.219 million were imported during first 9 months of 2021-22 while 317,440 MT of the same commodity worth $ 499.788 million were purchased from abroad during July-March 2020-21.
Meanwhile, import of worn clothing recorded 56.87 and 66.47 percent increase in terms of both quantity and value respectively. As per PBS data 764,139 MT of worn clothing worth $341.319 million were imported during the period as compared to 487,107 MT of worn clothing having a value of $205 million.
Import of other textile items also increased 21.64 percent during July March 2021-22 and surged to $740.383 million from $608.677 million in first nine months of 2020-21.
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