Import of cotton, other raw materials crosses $3.9b

Pakistan's import of cotton and other raw materials of textile industry crossed $3.9 billion during JulyApril 2021-22 showing 25 % growth over the corresponding period of the previous financial year.

According to data released by Pakistan Bureau of Statistics, total value of imports of textile group in first ten months of fiscal year 2021-22 was recorded $ 3.93 billion which is 24.79 percent higher than corresponding period of fiscal year 2020-21. Import volume of textile group remained $ 3.15 billion in July-April 2020-21.

PBS data shows that import of raw cotton, synthetic fibre and synthetic and artificial silk yarn decreased in terms of quantity during the period under review while value of the imports recorded increase due to higher prices of the commodities in international market.

From July to April 2021-22 as many as 612,620 metric tons of raw cotton worth $1,414.35 million was imported while in the corresponding period of the previous year 709,020 metric tons of raw cotton worth $1,187.072 million was imported that showed 13.60 decrease in terms of quantity while 19.15 percent increase in terms of value.

The same trend was seen in import of synthetic fibre as its quantity slide down 15.33 percent to 323,367 MT from 381,935 MT while import value rose 25.92 percent from $502.532 million to $ 632.796 million.

Import of synthetic and artificial silk yarn has recorded 27.15 percent increase in value while 13.97 percent decline in quantity as 302,803 MT of synthetic and artificial silk yarn worth $ 720.343 million were imported during first 10 months of 2021-22 while 351,983 MT of the same commodity worth $ 566.552 million were purchased from abroad during

July-April 2020-21.

Meanwhile, import of worn clothing recorded 53.98 and 59.61 percent increase in terms of both quantity and value respectively. As per PBS data 849,388 MT of worn clothing worth $372.827 million were imported during JulyApril 2021-22 as compared to previous year's import of 551,613 MT of worn clothing having a value of $233.583 million.

Import of other textile items also increased 19.76 percent during July April 2021-22 and they surged to $790.562 million from $660.149 million in first ten months of 2020-21, the PBS data showed.

PTI leader and former planning minister Asad Umar on Sunday claimed that no foreign country was willing to offer support to the incumbent government, saying Prime Minister Shehbaz Sharif returned "empty-handed" from trips seeking to secure financial support to prop up Pakistan's ailing economy.