KARACHI
Pakistan exporters have recorded a 16 percent jump in earnings from exports Rs 23 billion in terms of Pakistani currency exports exhibited 21 percent growth, showing five percent impact of the devaluation. These figures reflect an improvement in income of Rs 23 billion.
Details obtained by Pakistan Today showed that in the first quarter of this fiscal year, exports rose to 5.18 billion dollars compared to 4.43 billion dollars in the same period last year.
In terms of rupees the exports increased from 366 billion rupees to 443 billion in the same period. Textile exporters have taken advantage of the impact of devaluation of rupee, according to estimates earning up to Rs13 billion in additional revenue.
Exports showed growth of 20.70 percent increase in three months of this fiscal period, and stood at $2.917 billion. A portion of this rise in profitability is closely tied to a 15-20 percent hike in the prices of the textile products in the world markets, an exporter said.
Devaluation and the steady rise in the world prices of different products would obviously be of great financial benefit to exporters amid a general downturn in the level of domestic economic activity and devastation caused by the floods.
Textile exporters said that in the period from July to September, all major categories, especially the high value items, have shown significant growth. Cotton cloth showed 22 percent growth in its exports, cotton yarn two percent, knitwear 16 percent, yarn other than cotton 14 percent, towels 12 percent, ready-made garments 38 per cent, art, silk, synthetic textile 142 percent, textile made-ups 26 percent respectively while other textile materials marked 84 percent growth in exports.
Like the textile sector, most leather items also gave promising and impressive results. Leather garments recorded an 11 percent increase in exports, leather gloves marked 15 percent increase, while footwear and canvas footwear showed a negative trend.
Exporters expect the second quarter of 2010-11 to yield less positive results in the fields of foodstuff, vegetable, raw cotton, wheat and rice given the damage sustained by agriculture in the floods.
However, they said the overall performance of the exports of most of the aforementioned items would remain positive because of growing international prices and additional bouns of devaluation.
