Pakistan Textile_Apr’23 Textile Exports Continuing the Slump (AKD Daily, May 22,2023)
AKD Daily
Pakistan Textile: Apr’23 Textile Exports Continuing the Slump
- Textile group exports clocked in at US$1.2bn in Apr’23, lower by 2.0%MoM and 29.1%YoY. This takes the textile exports for the 10MFY23 period to US$13.7bn, lower by 14.2%YoY.
- Value-added textile exports saw a paltry 0.9%MoM decline, while being lower by 28.5%YoY. Within the value-added group, the knitwear segment saw a 3.3%MoM increase, while Bed wear segment saw a hefty increase of 10.8%MoM, coming in at US$218mn.
- The growth in the knitwear and bed wear segments was offset by the dip in Readymade Garments, which experienced a sequential decline of 10.5% in Apr’23, coming in at US$247.4mn.
- International cotton prices have been seen tapering off in the recent past, with the COTLOOK Index dropping by 8% over the past month alone. On the local front, cotton prices have shown an increase in the past 30 days, wherein prices have increased by 4% to PkR20k/maund.
- The challenging situation for the textile sector seems to be persisting, with the heightened energy and raw material costs coupled with low average prices and quantity exported making for a precarious situation for the sector. Hence, we advise investors to steer clear of the sector.
AKD Research
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AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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