No one is immune to global slowdown, including Pakistan, as non-textile exports saw a slight decrease of 0.65 percent to $5.54 billion in the first half of 2022-23 when compared with the same period of last year.
The stagnation in export proceeds of the non-textile sector was noted since the start of the current fiscal year as demand slowed down in the international market. No growth was recorded in exports since September 2022 on a year-on-year basis, according to data compiled by the Pakistan Bureau of Statistics (PBS).
The trend is opposite to what we had witnessed in FY22 [2021-22] when the non-textile exports posted a growth of 25.85 percent.
In the value-added leather sector, exports of leather garments fell by 6.77 percent but the export of leather gloves rose 5.47 percent in the July-December period of 2022-23.
Contrary to this, the exports of raw leather decreased by 8.63 percent and that of cement by 40.45 percent.
Pakistan is one of the main suppliers of global surgical instruments. However, these instruments are re-marketed in western countries by famous brands. As a result, the export value of these products remains very negligible.
However, the export of surgical instruments rose 8.53 percent so far in the current financial year over the same period last year with the pharmaceutical products also growing by 26.85 percent.
The export of carpets went up by 1.93 percent while that of sports goods grew by 27.40 percent during the period under consideration. The sales of footballs were up 53.58 percent. Pakistan was the official football supplier to the FIFA World Cup held in Doha, Qatar in November 2022.
PBS data showed the food basket posted negative growth of 6.27 percent in July-December from a year ago.
Under this category, exports of rice witnessed a negative growth of 13.02 percent mainly because of a drop in the demand for basmati rice.