Despite a decrease in the 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 the fiscal year 2021-22.
According to statistics issued by the Pakistan Bureau of Statistics, the total value of imports of the textile group in the first nine months of the fiscal year 2021-22 was recorded at $3,499.68 million which is 25.59 per cent higher than the corresponding period of the fiscal year 2020-21. Import volume of the textile group remained $ 2,786.5 million in July-Mach 2020-21. The PBS data shows that the import of raw cotton, synthetic fibre and synthetic silk yarn decreased in terms of quantity during the period under review while the value of the import recorded an increase due to higher prices of the commodities in the international market.
During three quarters of the current fiscal year, 533,871 metric tons of raw cotton worth $1,205.47 million were imported while in the corresponding period of the previous year 624,945 metric tons of raw cotton worth $1,032.08 million was imported showing a 14.57 decrease in terms of quantity while 16.8 per cent increase in terms of value. The same trend was seen in the import of synthetic fibre as its quantity slid down 15.85 per cent to 291,364 MT from 346,248 MT while import value rose 27.51 per cent from $ 440.986 million to $ 562.281 million.
Import of synthetic silk yarn has recorded a 30 per cent increase in value while a 7.64 per cent decline in quantity as 293,191 MT of synthetic silk yarn worth $ 650.219 million were imported during the first nine months of 2021-22 while 317,440 MT of the same commodity worth $ 499.788 million were purchased from abroad from July-March 2020-21.
